Tobago is also a popular diving location since it is the southernmost of the Caribbean islands that have coral communities. Scuba diving on Tobago tends to be centred at Speyside, almost diametrically across the island from the airport.

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The island has some of the best diving sites in the Caribbean. There are three wrecks located around its shores, but the one usually considered the best is the Maverick Ferry, which used to travel between Trinidad and Tobago. The ferry is 350 feet (110 metres) long and has been sunk in 30 metres (98 feet) just off Rocky Point, Mt. Irvine. The top of the wreck is at 15 metres (49 feet). The wreck has an abundance of marine life, including a 4-foot (1.2-metre) jewfish, a member of the grouper family. The wreck was purposely sunk for divers, and so all the doors and windows were removed. The waters around the island are home to many species of tropical fish, rays, sharks, and turtles.