Games like Island Master
Games like Island Master include Banished, Prison Architect, Frostpunk, Cities: Skylines, and Manor Lords. We matched them by the tags players give Island Master on Steam (City Builder, Strategy, Colony Sim, Simulation, and Procedural Generation): closest matches first, and among equally close ones the better-known games.

Banished
Shared: City Builder · Strategy · Colony Sim

Prison Architect
Shared: Simulation · Colony Sim · Strategy

Frostpunk
Shared: City Builder · Strategy · Colony Sim

Cities: Skylines
Shared: City Builder · Simulation · Strategy

Manor Lords
Shared: City Builder · Strategy · Simulation

Kingdoms and Castles
Shared: City Builder · Colony Sim · Strategy

RimWorld
Shared: Colony Sim · Strategy · Singleplayer

Against the Storm
Shared: Strategy · City Builder · Simulation

Oxygen Not Included
Shared: Colony Sim · Singleplayer · Strategy

Dwarf Fortress
Shared: Colony Sim · Strategy · City Builder

Ostriv
Shared: City Builder · Strategy · Simulation

Foundation
Shared: City Builder · Strategy · Simulation

Workers & Resources: Soviet Republic
Shared: City Builder · Strategy · Simulation

Cities: Skylines II
Shared: City Builder · Simulation · Strategy

Empires of the Undergrowth
Shared: Strategy · City Builder · Simulation

Endzone - A World Apart
Shared: City Builder · Strategy · Simulation

Tavern Master
Shared: Simulation · Strategy · City Builder

Norland
Shared: Strategy · City Builder · Simulation

Songs of Syx
Shared: City Builder · Strategy · Colony Sim

The Universim
Shared: City Builder · Colony Sim · Strategy

Kingdoms Reborn
Shared: City Builder · Colony Sim · Strategy

Settlement Survival
Shared: City Builder · Colony Sim · Simulation

Timberborn
Shared: City Builder · Colony Sim · Strategy

Captain of Industry
Shared: Strategy · Simulation · City Builder