Fish-Man Island

Fishman Island is an island that appears to be underwater.

History
Storywise the concept of Fishman Island was first mentioned in chapter 69, where Yosaku explain about Jimbei releasing something terrible to East Blue. Arlong and Jimbei had came from Gyojin Island. Sanji then speculate that Gyojin Island may be somewhere in the Grand Line and dreams of meeting beautiful Mermaids.

Fishman Karate is learned here as revealed by Oda .in a SBS question. In the same SBS, Oda also stated that Fishman Island is half-way across the Grand Line. This is meant in the most literal sense as Fishman Island is in fact directly underneath the Red Line.

Later after the Enies Lobby Raid, the Log Pose started to point down, Kokoro, who is a Merfolk from Fishman Island explains that it's an underwater where the Fishman lives. There is an unique way of going down there.