Games like Forbidden Island
Games like Forbidden Island include Terraria, The Forest, Minecraft Dungeons, Starbound, and Minecraft Dungeons II. We matched them by the tags players give Forbidden Island on Steam (Open World Survival Craft, Adventure, Action-Adventure, Bullet Hell, and 2D): closest matches first, and among equally close ones the better-known games.

Terraria
Shared: Open World Survival Craft · Adventure · 2D

The Forest
Shared: Open World Survival Craft · Adventure · Action

Minecraft Dungeons
Shared: Adventure · Action-Adventure · Action

Starbound
Shared: Open World Survival Craft · Adventure · Exploration

Minecraft Dungeons II
Shared: Adventure · Action · Action-Adventure

Forager
Shared: Open World Survival Craft · Adventure · 2D

Don't Starve
Shared: Open World Survival Craft · Adventure · Survival

Valheim
Shared: Open World Survival Craft · Adventure · Exploration

Don't Starve Together
Shared: Open World Survival Craft · Adventure · 2D

ARK: Survival Evolved
Shared: Open World Survival Craft · Adventure · Action

Rise of the Tomb Raider™
Shared: Adventure · Action · Action-Adventure

Rust
Shared: Open World Survival Craft · Adventure · Survival

Last Epoch
Shared: Loot · Adventure · Action

No Man's Sky
Shared: Open World Survival Craft · Adventure · Exploration

Green Hell
Shared: Open World Survival Craft · Action · Adventure

Dune: Awakening
Shared: Open World Survival Craft · Adventure · Exploration

The Long Dark
Shared: Open World Survival Craft · Adventure · Exploration

Escape From Duckov
Shared: Adventure · Action · Exploration

Once Human
Shared: Open World Survival Craft · Action · Adventure

The Slormancer
Shared: Loot · Action-Adventure · 2D

Subnautica
Shared: Open World Survival Craft · Adventure · Exploration

Crashlands
Shared: Open World Survival Craft · Adventure · Exploration

Subnautica: Below Zero
Shared: Open World Survival Craft · Adventure · Exploration

Kena: Bridge of Spirits
Shared: Adventure · Action-Adventure · Action