Aspen Island is located on the south-eastern side of the Central Basin of Lake Burley Griffin, adjacent to Kings Park, Parkes. The island lies within the Canberra ceremonial precinct, called the Parliamentary Triangle. The Australian National Carillon is situated on the island, that is linked to the mainland at Kings Park, by a footbridge which is named after John Douglas Gordon, who played the inaugural recital.
The name of Aspen Island was gazetted on 21 November 1963, and named after the aspen tree, of which some are classified by botanists in the section Populus, of the poplar genus.
Aspen Island is the largest of three islands at the south-eastern end of Central Basin of Lake Burley Griffin. The two smaller adjacent island are unnamed.