Risvær consists of 2 islands, "Heimøya" and "Borterøya".
Risvær has a naturally shaped channel of approx. 200 meters stretching between the two islands. This canal acts as a superb port that protects boats from wind and weather. The first registred resident in Risvær was Christopher Bernhoft, who came in the 1700s. Mr. Bernhoft founded a small fishing business, but Risvær did not become an upright fishing village until 1802 when Andreas Jonassen Falch bought the place and saw the potential of a larger fishing business. This was because of the favorable location according to Lofot fishing. The jobs created on the island caused a gradual growth of populations which resulted in Risvær becoming an important hub for the area. Risvær was used as a seasonal fishing village.
Risvær reached its peak in the 1920s and 1930s, while the Lofoten fisheries was at its peak. On 22 March 1931, 1416 fishermen and 406 boats were registered in Risvær and was the highest number ever recorded. Risvær got it's own water supply via sea cable as late as 1973, replacing the "state well" that had been operating on the islands for a long time.
To date, Consists mostly of renovated houses, as well as a number of newly built holiday homes. Risvær also has full access to electricity and landline. There is currently no permanent residents living in Risvær.