The province lies roughly at the center of the Philippine archipelago, between latitudes 11°43’ north and 123°09’ east and 124°5’ east. It is bounded on the north by Burias and Ticao Pass, east by San Bernardino Strait, south by the Visayan Sea, and west by the Sibuyan Sea. Relative to mainland Bicol, the province faces the southwestern coasts of Camarines Sur, Albay, and Sorsogon areas. Masbate covers a total area of 4,151.78 square kilometres (1,603.01 sq mi).
Masbate is endowed with rich natural resources. In line with its agriculture are other industries such as large farming, livestock and poultry raising. Along its coastal areas, fishing industry predominates. Agricultural lands are planted with rice, corn, rootcrops and coconut. Masbate ranks second only to Bukidnon in raising cattle. Farming is the main source of livelihood. Copra is the leading product, followed by corn, rice and rootcrops. Fishing is a major industry along the coast.
Manufacturing firms are in the copra industry, handicrafts, furnituremaking and fish processing.
Rich minerals are found in the province. Masbate is described by geologists as a province sitting on a "pot of gold". Other minerals found in the area are manganese, copper, silver, iron, chromite, limestone, guano, and carbon.
Cottage industries such as furniture and cabinet making, ceramics, garments, handicrafts and metalcrafts, are likewise source of livelihood.