In 1974, Steven Spielberg filmed the movie Jaws on Martha's Vineyard, most notably in the fishing village of Menemsha and the town of Chilmark. Spielberg selected island natives Christopher Rebello as Chief Brody's oldest son, Michael Brody; Jay Mello as the younger son, Sean Brody; and Lee Fierro as Mrs. Kintner. Scores of other island natives appeared in the film as extras. Later, scenes from Jaws 2 and Jaws: The Revenge were filmed on the island, as well. In June 2005 the island celebrated the 30th anniversary of Jaws with a weekendlong Jawsfest.

Martha's Vineyard is primarily known as a summer colony, and it is accessible only by boat and air. However, its yearround population has considerably increased since the 1960s. The island's yearround population increased about a third each decade from 1970 to 2000, for a total of 145 percent or about 3 percent to 4 percent per year (46 percent, 30 percent, and 29 percent in each respective decade). The population of the Vineyard was 14,901 in the 2000 Census and was estimated at 15,582 in 2004.

A study by the Martha's Vineyard Commission found that the cost of living on the island is 60 percent higher than the national average, and housing prices are 96 percent higher.