Three Mile Rock is just 3 miles from the Town of Parsons Pond and although it maintains its own identity, it is locally referred to as being a part of Parson's Pond. The community depends on Parsons Pond for most services and facilities, and enjoys the social climate offered there.

The first settler to Three Mile Rock was Samuel C Payne. He was married to Catherine Payne nee Decker. Samuel C Payne died in 1940 at the age of 71 years and his body was laid to rest at Parsons Pond in the Church of England Cemetery. This cemetery was designated a Municipal Heritage Site in May of 2007.

Three Mile Rock was once used as a Winter House where residents of Parsons Pond would move for the winter season. Three Mile Rock got its name from a rock (called "The Big Rock") located 3 miles from Parsons Pond.

Community and business services for Three Mile Rock include a K-12 school, Long Range Academy and a public library with public internet access – Community Access Centre a (located 11 kms south in Cow Head). A number of fishing enterprises work out of Three Mile Rock and their fishing stores/sheds are located along the coastline near the community. In addition, recreational services that are available include a ballfield and community trails (located in surrounding communities – Cow Head and Parsons Pond. Health care is provided in Norris Point (75 kms south). Other community services - post office, and fire services are provide in Parsons Pond. Business services include motel, cottages/housekeeping units, bed & breakfasts, restaurants & take outs, ATMs, grocery/convenience stores, craft shops, beauty salon, liquor store and automobile repair are found in Cow Head and Parsons Pond.

The community has established a rest stop and viewing area for residents and tourists.
The panoramic view of the Gulf of St. Lawrence, especially the sunset, makes this community another worthwhile stop for visitors to the Great Northern Peninsula.