A group of traditional owners in the far-north Kimberley is celebrating the return of land held for 15 years by another of the region's Aboriginal corporations.

The unique agreement will see a 99-year lease transferred from the Kalumburu Aboriginal corporation to the area's traditional owners, the Wunambal Gaambera people.

The reserve includes the Truscott airbase, which served as part of Australia's front-line during the second world war.

Some of the Kimberley's most significant Aboriginal rock art is also located in the area.

The airstrip is currently used as a base to service off-shore oil rigs and as a refuelling point for Coastwatch aircraft.

This use will continue after the hand over generating revenue for the area's traditional owners.