The Isle of Balar was an island about seventy-five miles off the southern coast of the Beleriand in the great Bay of Balar and was known for being a refugee camp and a gathering point of the Eldar and Edain during the First Age of Middle-earth.
The Isle may have been, according to legend the northern tip of Tol Eressëa which had broken off when Ulmo ferried the Eldar to Aman. Before the Dagor Bragollach (Battle of Sudden Flame), Turgon of Gondolin had prepared and organized an outpost there for which he sent ships filled with messengers to Aman, to pled for aid from the Valar but none save for the elf, Voronwë, who was saved by Ulmo ever returned to Middle-earth.
When the Falas was destroyed, the Isle of Balar became a refugee camp for the survivors of the Havens of the Falas which were headed by Círdan. The camps on Balar maintained close contact with the refugee camp in Arvernien headed by the half-elf, Eärendil. It was on Balar that Círdan helped Eärendil build the ship Vingilotë, with which later he sought for Valinor, to ask for the pardon of the Valar and help against Morgoth.
During the War of Wrath (Great Battle), many Sindar and some Ñoldor were still camped at the Isle of Balar, and after the war, some survivors were gathered there given the fact that they could not return to they homes in the Beleriand. From Balar many elves went to Lindon until the elves were summoned to return to Valinor and the Edain to the newly raised isle of Númenor. Sometime after SA 32, the Isle of Balar eventually fell beneath the Belegaer (Great Sea) becoming one the Lands Under the Wave.
It had also been a place where many pearls could be found off its shores.