It took place between 31 July 1965 and 31 October 1965, with the final played at Melavöllur in Reykjavík. The cup was important, as winners qualified for the UEFA Cup Winners' Cup (if a club won both the league and the cup, the defeated finalists would take their place in the Cup Winners' Cup). Teams from the Úrvalsdeild karla (1st division) did not enter until the quarter-finals. In prior rounds, teams from the 2. Deild (2nd division), as well as reserve teams, played in one-legged matches. In case of a draw, the match was replayed.
For the first time in 5 years (since the creation of the tournament), KR Reykjavík were eliminated when they entered, in the quarter-finals. Valur Reykjavík won the Cup, beating IA Akranes 5 - 3 in the final.
The 1972 Icelandic Cup was the 13th edition of the National Football Cup.
The 1960 Icelandic Cup was the first edition of the National Football Cup.
The 1961 Icelandic Cup was the second edition of the National Football Cup.
The 1962 Icelandic Cup was the third edition of the National Football Cup.
The 1963 Icelandic Cup was the fourth edition of the National Football Cup.
The 1964 Icelandic Cup was the fifth edition of the National Football Cup.
The 1966 Icelandic Cup was the seventh edition of the National Football Cup.
The 1967 Icelandic Cup was the eighth edition of the National Football Cup.
The 1968 Icelandic Cup was the ninth edition of the National Football Cup.
The 1969 Icelandic Cup was the 10th edition of the National Football Cup.
The 1970 Icelandic Cup was the 11th edition of the National Football Cup.
The 1971 Icelandic Cup was the 12th edition of the National Football Cup. Víkingur Reykjavík were winners.
The 1974 Icelandic Cup was the 15th edition of the National Football Cup.
The 1977 Icelandic Cup was the 18th edition of the National Football Cup.
The 1978 Icelandic Cup was the 19th edition of the National Football Cup.
The 1979 Icelandic Cup was the 20th edition of the National Football Cup.
The 1988 Icelandic Cup was the 29th edition of the National Football Cup.
The 1990 Icelandic Cup was the 31st edition of the National Football Cup.
The 1991 Icelandic Cup was the 32nd edition of the National Football Cup.
The 1992 Icelandic Cup was the 33rd edition of the National Football Cup.
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