The 1994 season of 1. deild karla was the 40th season of second-tier football in Iceland. [1]
| Pos | Team | Pld | W | D | L | GF | GA | GD | Pts | Promotion or relegation |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grindavík (C, P) | 18 | 12 | 3 | 3 | 35 | 10 | +25 | 39 | Promoted to 1995 Úrvalsdeild |
| 2 | Leiftur (P) | 18 | 10 | 6 | 2 | 42 | 19 | +23 | 36 | |
| 3 | Fylkir | 18 | 11 | 2 | 5 | 49 | 25 | +24 | 35 | |
| 4 | Þróttur R. | 18 | 8 | 4 | 6 | 29 | 20 | +9 | 28 | |
| 5 | Víkingur R. | 18 | 8 | 3 | 7 | 32 | 31 | +1 | 27 | |
| 6 | HK | 18 | 5 | 4 | 9 | 20 | 30 | −10 | 19 | |
| 7 | ÍR | 18 | 5 | 4 | 9 | 22 | 38 | −16 | 19 | |
| 8 | KA | 18 | 5 | 3 | 10 | 26 | 34 | −8 | 18 | |
| 9 | Selfoss (R) | 18 | 4 | 6 | 8 | 18 | 43 | −25 | 18 | Relegated to 1995 2. deild |
| 10 | Þróttur N. (R) | 18 | 2 | 5 | 11 | 18 | 41 | −23 | 11 |
| Scorer | Goals | Team |
|---|---|---|
 Kristinn Tómasson | 14 | Fylkir |
| Gunnar Már Másson | 13 | Leiftur |
| Grétar Einarsson | 11 | Grindavík |
| Óskar Óskarsson | 10 | Víkingur R. |
| Aðalsteinn Víglundsson | 9 | Fylkir |
| Pétur Björn Jónsson | 9 | Leiftur |
| Páll Guðmundsson | 8 | Leiftur |
| Sverrir Sverrisson | 8 | Leiftur |
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