Mykonos Island is one of the most well-known tourist summer destinations. Every year, especially during the summer period, Mykonos hosts a plethora of tourists that arrive from different countries, such as Italy, France, the United Kingdom, Germany, Spain, and the United Arab Emirates. More specifically, according to Fraport Greece Traffic Data Management, in 2022, there have been 1,668,538 domestic and international arrivals at Mykonos Airport. Mykonos attracts, every year, several types of tourists due to the provided facilities, such as Greek traditional restaurants as well as fancy restaurants with international gastronomy, bars-cafeterias and glamorous clubs and beach clubs, 4 and 5 star hotels, beautiful beaches and beach bars and last but not least a wonderful climate and magnificent scenery. The aim of this paper is to examine the touristic profile of Mykonos Island over the past decade. The tourism industry has been seriously “injured” over the past years (financial crisis, Covid-19 pandemic). This paper will investigate the development of Mykonos Island over the past decade, through data which will be collected by statistical institutes (for instance SETE Institute) and Greek-authorized organizations (such as the Greek Ministry of Tourism). Also, the purpose of the current paper is to examine the case of Mykonos Island as a sustainable destination. Apart from the fact that Mykonos is globally famous for its luxurious image for summer vacations, the island of Mykonos has amazing geographical treasures and a unique environment. Thus, sustainable development needs to be implemented for Mykonos Island, in order to protect the unique environment, improve the existing infrastructure and create a better quality of life for residents and visitors. Hence, this study will focus on the opportunities and the obstacles which could arise from the development of Mykonos as a sustainable destination.