It took place between 26 May 1992 and 23 August 1992, with the final played at Laugardalsvöllur in Reykjavik. 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).
The 10 clubs from the 1. Deild entered in the last 16, with clubs from lower tiers entering in the three preliminary rounds. Teams played one-legged matches. In case of a draw, a penalty shoot-out took place (there were no replays, unlike in previous years).
Valur Reykjavik won their eighth Icelandic Cup, and so qualified for Europe.
The 1965 Icelandic Cup was the sixth edition of the National Football Cup.
The 1973 Icelandic Cup was the 14th edition of the National Football Cup.
The 1974 Icelandic Cup was the 15th edition of the National Football Cup.
The 1975 Icelandic Cup was the 16th 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 1978 Icelandic Cup was the 20th edition of the National Football Cup.
The 1980 Icelandic Cup was the 21st edition of the National Football Cup.
The 1981 Icelandic Cup was the 22nd edition of the National Football Cup.
The 1982 Icelandic Cup was the 23rd edition of the National Football Cup.
The 1983 Icelandic Cup was the 24th edition of the National Football Cup.
The 1984 Icelandic Cup was the 25th edition of the National Football Cup.
The 1985 Icelandic Cup was the 26th edition of the National Football Cup.
The 1986 Icelandic Cup was the 27th edition of the National Football Cup.
The 1987 Icelandic Cup was the 28th edition of the National Football Cup.
The 1988 Icelandic Cup was the 29th edition of the National Football Cup.
The 1989 Icelandic Cup was the 30th 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 1993 Icelandic Cup was the 34th edition of the National Football Cup.
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