The 1987 season of 1. deild karla was the 33rd season of second-tier football in Iceland. [1]
| Pos | Team | Pld | W | D | L | GF | GA | GD | Pts | Promotion or relegation |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Víkingur R. (C, P) | 18 | 11 | 2 | 5 | 35 | 26 | +9 | 35 | Promoted to 1988 Úrvalsdeild |
| 2 | Leiftur (P) | 18 | 9 | 5 | 4 | 32 | 22 | +10 | 32 | |
| 3 | Breiðablik | 18 | 9 | 2 | 7 | 34 | 23 | +11 | 29 | |
| 4 | Selfoss | 18 | 8 | 5 | 5 | 30 | 28 | +2 | 29 | |
| 5 | Þróttur R. | 18 | 9 | 1 | 8 | 35 | 31 | +4 | 28 | |
| 6 | ÍBV | 18 | 7 | 5 | 6 | 35 | 30 | +5 | 26 | |
| 7 | KS | 18 | 7 | 4 | 7 | 33 | 32 | +1 | 25 | |
| 8 | ÍR | 18 | 7 | 4 | 7 | 33 | 34 | −1 | 25 | |
| 9 | Einherji (R) | 18 | 5 | 4 | 9 | 21 | 35 | −14 | 19 | Relegated to 1988 2. deild |
| 10 | ÍBÍ (R) | 18 | 2 | 0 | 16 | 22 | 54 | −32 | 6 |
| Scorer | Goals | Team |
|---|---|---|
 Heimir Karlsson | 16 | ÍR |
| Jón Þórir Jónsson | 13 | Breiðablik |
| Trausti Ómarsson | 13 | Víkingur R. |
| Jón Gunnar Bergs | 12 | Selfoss |
| Björn Bjartmarz | 9 | Víkingur R. |
| Hafþór Kolbeinsson | 9 | KS |
| Sigurður Hallvarðsson | 9 | Þróttur R. |
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