There are two entrances to Good Bay on its northern side: Well Point (at its west end), and Flat Point (at its east end).[2] Two anchorage beacons are located at Well Point. Good Bay's northern side also has some smaller natural bays within in, such as Well Bay and Barred Bay.[2] There is also an islet called Sheep Islet.[2]
Good Bay's southern side has multiple landforms, including a 30-meter (98.4-foot) hummock called Round Head, about 0.4 mile northeast of Round Head Point.[2] Off the northern side of Round Head Island is a shallow area called Falaise Shoal, which has a depth of approximately 3.2 m (10.5 feet).[2] There is also an island called Horn Island.[2]