Oldroyd Island is a small island 0.4 kilometres (0.2 nmi) northwest of Magnetic Island, lying off the Vestfold Hills in the east part of Prydz Bay. Mapped by Norwegian cartographers from air photos taken by the Lars Christensen Expedition, 1936–37. Remapped by ANARE (1957–58) and named by Antarctic Names Committee of Australia (ANCA) for K.C. Oldroyd, weather observer at Davis Station in 1960.