It has been home to a Gael Linn Irish Language Summer School since 1982 which operates three courses for teenagers aged 12–18 every summer and has an intake of around 200 students per course.
The village has a small port suited for fishing vessels. It is the main ferry port for Tory Island.
During the summer many of the residents live on Inishbofin. Magheroarty has one pub called Coll's Bar. It attracts many tourists during the summer season, and watersports enthusiasts visit the area to windsurf/surf/kitesurf and to go kayaking in the bay.