Although boats always anchored in the shallows in front of today's Ilovik, the port was built at the end of the 19th century, when previously agricultural oriented residents of Ilovik became skilled fishermen as wel.
A tavern by the docks opened in 1898 and to this day welcomes guests.
The islands of Ilovik and Sv. Petar similar as the neighboring islets of the Lošinj archipelago for a long time belonged to the Osor and later to the Krk diocese.
The Benedictine monastery was built on the ruins of the Roman and Byzantine building, and it was in function until 1280 when together with Benedictine monastery from Susak it came into possession of the Osor diocese. Only remains of the perimetric monastery wall now serving as fence walls of the cemetery are still preserved. Three-nave church of St. Peter was demolished at the end of the 19th century.
In order to prevent attacks the Venetian governor (providur) Filippo Pasqualigo ordered a construction of the fortress on the island of Sv. Petar which the residents of Ilovik call Fortica or Kulin.