The acropolis is built on a cape that rises 90 meters above the harbor and juts into the sea. The acropolis has many remains, including a temple dedicated to goddess Dictynna, fortification towers, cisterns, wells, and watchtowers that could have been used to guard sea routes.

Today Phalasarna is an agricultural area and tourist attraction.

The valley is filled with olive groves and greenhouses cultivating mainly tomatoes; there are also scattered family-run hotels and restaurants. The seaside has long sandy beaches and crystal clear waters that are popular both with residents of the province of Chania and visitors from Greece and abroad. Falasarna beach was voted, in the CNN poll, among the best 100 beaches of the world.

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