Pine Island is a city in Goodhue and Olmsted counties in the U.S. state of Minnesota. Most of Pine Island is in Goodhue County, but a small part extends into Olmsted County, making that portion part of the Rochester metropolitan area. As of the 2020 census, the population was 3,769. The community has a strong agricultural base, but has been transitioning over time into a bedroom community for nearby Rochester, which employs many local residents.