Streaky Bay is a picturesque coastal resort which acts as a service centre for the surrounding rural community, with wheat, barley, wool and fat lambs being the main activity on the land. Also cattle, pigs and poultry contribute to a lesser extent to the general economy of the area. Granite mining is now a significant industry.

The other major industry is of course fishing and aquaculture The most valuable catches in this area are the famous King George whiting, southern rock lobster (or crayfish), abalone and shark. Many other species of fish abound in Streaky Bay waters, including salmon, snapper, garfish, snook, tommy ruffs, flounder, trevally, squid, blue swimmer and sand crabs, razorfish, scallops and other varieties of whiting. Oyster farms are also being developed.

Accommodation is provided by way of a budget motel, hotel/motel, holiday flats, bed and breakfast, and caravan park at Streaky Bay. Excellent shopping and dining-out facilities are also provided, while the town has a well-equipped modern hospital and senior citizens' home, and resident doctor. Of the various sporting bodies, the Golf and Bowls Clubs and the Sports Club (at Town Oval) are licensed and offer reciprocal membership to visitors.

A boat ramp is located just north of the township and an all-weather ramp is located adjacent to the big radio masts.