Since the 1950s, its popularity has surged, and is now favoured by billionaires, celebrities and honeymooning couples, as well as young travellers looking for boozy escapes.
What was Mykonos like in the past?
The island has just 15,000 residents on the island of which 4,000 aren’t Greek nationals.
But during the summer months, Mykonos attracts almost 50,000 visitors.
Famous faces often spotted on the island include Leonardo DiCaprio, Richard Branson and Alessandra Ambrosio – a far cry from the 1950s, when it was still a sleepy fishing town.
The beaches were home to just a few local fishing boats, where men dried their nets in the sun and kids dangled their legs over the edge of the harbour.
The cliffs were natural and rocky, although these are now full of hotels with infinity pools.
It wasn’t long until the rich and the famous arrived following World War II.
In 1954, Queen Frederica of Greece organised a cruise around the islands for other European royals.
This was followed by famous film stars of the day, including Grace Kelly and Richard Burton in the 1960s, as well as First Lady Jackie Kennedy.
Mykonos is also renowned for being LGBT-friendly, with the 1970s proving popular with gay tourists at the time.
Clubs such as Tropicana Club attract young single travellers
Despite not being the cheapest, the party island is fast becoming the new Ibiza
What celebrities have recently been spotted there?
Little Mix’s Leigh-Anne Pinnock, Rochelle Humes and Cristiano Ronaldo also holidayed in Mykonos this year.
Other celebrities include last year’s Love Island contestants Alexandra Cane, Kaz Crossley, Samira Mighty and Ellie Brown, who went on a girls’ holiday to the island.
Lindsay Lohan is often on the island thanks to her beach club and reality show.
Kate Wright is currently on her honeymoon in Mykonos
Where are the popular celebrity party spots?
Nammos is one of the most popular celebrity spots, with Mariah Carey, Ariana Grande and Leonardo Di Caprio fans of the club.
It may come as no surprise as it is home to a £100,000 bottle of champagne, and even £100 bottles of “spraying champagne”.
Scorpios is another fashionable restaurant-beach club, which has attracted Usain Bolt and many models along the way.
More affordable clubs include Jackie O’, which often has drag shows and sunset cocktails, Tropicana Beach Bar, Cavo Paradiso and The Skandinavian Bar.
How to do Mykonos on a budget
Flights to Mykonos start from just £63 return, according to Skyscanner, with October being the cheapest month to travel.
There are also a number of cheap holiday deals for a week long holiday on the Greek island.
Travelling in the summer isn’t cheap, however – with package deals starting from £566 per person for a seven-night holiday in August.
Hotels also aren’t cheap, being some of the most expensive in the Mediterranean, meaning the best options are hostels or even beach camping.