The 2003 season of 2. deild karla was the 38th season of third-tier football in Iceland. [1]
| Pos | Team | Pld | W | D | L | GF | GA | GD | Pts | Promotion or relegation |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Völsungur (C, P) | 18 | 15 | 1 | 2 | 63 | 25 | +38 | 46 | Promoted to 2004 1. deild karla |
| 2 | Fjölnir (P) | 18 | 12 | 4 | 2 | 60 | 26 | +34 | 40 | |
| 3 | Selfoss | 18 | 11 | 2 | 5 | 40 | 23 | +17 | 35 | |
| 4 | Víðir | 18 | 8 | 3 | 7 | 30 | 28 | +2 | 27 | |
| 5 | ÍR | 18 | 8 | 2 | 8 | 35 | 34 | +1 | 26 | |
| 6 | Tindastóll | 18 | 8 | 1 | 9 | 33 | 35 | −2 | 25 | |
| 7 | KS | 18 | 6 | 5 | 7 | 32 | 38 | −6 | 23 | |
| 8 | KFS | 18 | 5 | 4 | 9 | 37 | 47 | −10 | 19 | |
| 9 | Sindri (R) | 18 | 1 | 5 | 12 | 29 | 44 | −15 | 8 | Relegated to 2004 3. deild karla |
| 10 | Léttir (R) | 18 | 2 | 1 | 15 | 19 | 78 | −59 | 7 |
| Scorer | Goals | Team |
|---|---|---|
 Sævar Gunnarsson | 17 | Sindri |
 Boban Jovic | 14 | Völsungur |
| Andri Valur Ívarsson | 13 | Völsungur |
| Davíð Þór Rúnarsson | 13 | Fjölnir |
| Ragnar Haukur Hauksson | 12 | KS |
| Ívar Björnsson | 12 | Fjölnir |
| Sindri Grétarsson | 10 | KFS |
| Kristmar Geir Björnsson | 10 | Tindastóll |
| Baldur Sigurðsson | 10 | Völsungur |
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