The oldest record of the village dates back to 1349. The Late Baroque Church of Saint Mary Magdalene from 1785 stands in a dominant position on an elevation. A statue of Christ on the Cross, made by the Blansko ironworks in the second half of the nineteenth century, stands in front of the church. The stone windmill of the Dutch type without vanes dates back to the same period. A grating by the road beneath the church covers an opening to the Ostrov Chasm. The Lopač Stream disappears underground on the other side of the school building. The Garden Gave can be found nearby.
Ostrov u Macochy is, however, associated primarily with one of the principal attractions of the Moravian Karst – the Balcarka Cave. Balcarka is a cave labyrinth on two levels comprised of tunnels interconnected by flues and high chambers, with extremely extensive colourful polymorphous stalactite and stalagmite decoration. The natural entry portal is a significant palaeontological and archaeological locality where numerous finds of the bones of Pleistocene animals, flint and bone tools and the fireplaces of people from the Early Stone Age have been made.