Firefighters were called to help rescue people from three vehicles which became stuck in deep water in Pondwell Hill, near Ryde.
Flooding was being reported extensively across the island on Sunday evening, with people posting on social media that they were having to abandon their vehicles.
Homes in Whitwell and Carisbrooke were the among those flooded, according to Facebook posts on the Isle of Wight Community Information Group.
Rain was forecast to continue until 22:00, with river levels and flood risks starting to reduce by 01:00, according to the EA.
A flood warning means flooding is expected and people should protect themselves and loved ones, moving to a safe place, along with pets and valuables, it said.
People are advised to move to higher ground or the upper floor of a building and turn off the gas, electricity and water if it is safe to do so.
Flood protection equipment should also be put in place.