| Airline | Image | IATA | ICAO | Callsign | Commenced operations
 | Ceased operations
 | Notes | 
|---|
| A | 
| Air Arctic |   |  |  |  | 2012 | 2014 | Operated Cessna Golden Eagle  [3] | 
| Air Arctic Iceland |  |  |  | ARCTIC AIR | 1985 | 1986 |  | 
| Air Iceland Flugfélag Íslands
 |   | NY | FXI | FAXI | 1997 | 2017 | Merged into Air Iceland Connect | 
| Air Iceland Connect |   | NY | FXI |  | 2017 | 2021 | To Icelandair. Operated Bombardier Q200, Bombardier Q400  [4] | 
| Air Viking |   | VV |  |  | 1969 | 1976 | Operated Boeing 720, Convair 880, Vickers Vanguard  [5] | 
| AirXport |  |  |  |  | 1986 | 1989 |  | 
| Arnarflug |   |  |  |  | 1976 | 1991 | Renamed to Eagle Air Iceland. Operated Boeing 707, Boeing 737, DHC-6 Twin Otter, Piper Navajo  [6] | 
| Atlanta Icelandic Air Transport |  | CC | ABD | TEMPAIR | 1986 | 1992 | Renamed/merged to Air Atlanta Icelandic | 
| Atlantic Island Air |   | ID | TRG | ATLANTSFLUG | 1990 | 1992 |  | 
| B | 
| Bluebird Cargo |   | BF | BBD |  | 1999 | 2017 | Rebranded as Bluebird Nordic | 
| Bluebird Nordic |   | BO | BBD | BLUE CARGO | 2017 | 2024 |  | 
| E | 
| Eagle Air (Iceland) |   |  | FEI | ARCTIC EAGLE | 1970 | 2024 | [7] | 
| Eagle Air Cargo |   |  |  |  | 1976 | 1986 | Operated Boeing 707  [8] | 
| Eagle Air Domestic |  |  |  |  | 1990 | 1991 | Merged with Flugtak to form Íslandsflug  [9] | 
| Eastair |  |  | EGX |  | 2000 | 2000 | Established as Flugfélag Austurlands  in 1972 [10] | 
| Eyjaflug |  |  |  |  | 1965 | 1966 | Operated de Havilland Dove  [11] | 
| F | 
| Flufelagid Ernir |  |  |  |  | 1978 | 1979 | Established as Hordur Gudmundsson Air Service in 1969 [12] | 
| Flugfélag Akureyrar |  |  |  |  | 1937 | 1940 | Rebranded as Flugfélag Íslands. Operated Waco YKS-7  [13] | 
| Flugfélag Austurlands |  | EZ | EGX |  | 1972 | 2000 | Renamed to Eastair  [14] | 
| Flugfélag Innanlands |  |  |  |  | 1995 | 1997 | Merged with Flugfélag Norðurlands  [15] | 
| Flugfélag Íslands |   |  |  | ICELAND AW | 1940 | 1973 | Merged with Loftleiðir to form Icelandair | 
| Flugfélag Norðurlands |  | UI | FNA | NORLAND | 1959 | 1997 |  | 
| Flugfélag Vestmannaeyja |  |  | FVM | ELEGANT | 1983 | 2010 |  | 
| Flugferdir |  |  |  |  | 1962 | 1965 | Renamed to Flugstoedin. Operated Airspeed Consul  [16] | 
| Flugjonustan |  |  |  |  | 1954 | 1969 | Operated Cessna Skywagon, de Havilland Dove, Twin Pioneer, Twin Bonanza  [17] | 
| Flughjalp |  |  |  |  | 1969 | 1970 | Operated Douglas C-118 in Biafra  [18] | 
| Flugsyn |  |  |  |  | 1960 | 1975 | Operated Cessna Skywagon, Cessna 150, Piper Cherokee, Douglas DC-3  [19] | 
| Flugtak |  |  |  |  | 1990 | 1991 | Merged with Eagle Air Domestic to form Íslandsflug  [20] | 
| Flugtaxi |  |  |  |  | 2004 | 2006 | [21] | 
| Fragtflug Iceland |  |  |  |  | 1970 | 1972 | [22] | 
| G | 
| Greenland Express |   |  |  |  | 2013 | 2016 | Virtual airline renamed Sky Greenland | 
| H | 
| Helgi Jonsson Air Taxi |  | 5H |  |  | 1964 | 1989 | Renamed to Odin Air  [23] | 
| Hordur Gudmundsson Air Service |  |  |  |  | 1969 | 1970 | Renamed to Flugfélagið Ernir  [24] | 
| I | 
| Icebird Airlines |  |  |  |  | 1969 | 1970 | Acquired by Air Atlanta Icelandic  [25] | 
| Icejet |   |  | ICJ | ICEJET | 2006 | 2010 |  | 
| Iceland Airways |  |  |  |  | 1946 | 1957 | Renamed to Icelandair  [26] | 
| Iceland Express |   | HC |  | FLY STAR | 2003 | 2012 | Merged into WOW air | 
| Iscargo |  | IU |  |  | 1973 | 1980 | Went bankrupt. Operated Douglas DC-6  [27] | 
| Íslandsflug |   | HH | ICB | ICEBIRD | 1991 | 2004 | Merged into Air Atlanta Icelandic | 
| J | 
| JetX |   | GX | JXX |  | 2003 | 2008 | Rebranded as Primera Air | 
| Landsflug |   | X9 | ISL | ISLANDIA | 2003 | 2008 |  | 
| L | 
| Loftleiðir |   | LL |  |  | 1944 | 1975 | Merged with Flugfélag Islands to form Icelandair | 
| M | 
| MD Airlines |   | W3 | MDI | DELTA ICE | 2000 | 2003 | Operated MD-83 | 
| MK Flugfelagid |  |  | MKI |  | 1997 | 2000 | Renamed to MD Airlines. Operated Douglas DC-8 | 
| N | 
| NAT-Nittler Air Transport International |  |  |  |  | 1969 | 1970 |  | 
| Norðurlands |  |  |  |  | 1959 | 1975 | Rebranded Flugfélag Norðurlands  [28] | 
| O | 
| Odin Air |  | 5H | ODI |  | 1989 | 1998 | Established as Helgi Jonsson Air Taxi. Operated Handley Page Jetstream, Piper Navajo  [29] | 
| P | 
| Play |   | OG | FPY | PLAYER | 2019 | 2025 | Went bankrupt. [30] | 
| Primera Air |  | GX | JXX |  | 2008 | 2009 | Established as JetX  [31] | 
| S | 
| Sky Greenland |  |  | DNM | DENIM | 2013 | 2016 | Virtual airline | 
| T | 
| Thor Air Cargo |  |  |  |  | 1971 | 1972 | Founded by Thor Kjartansson. Operated Vickers Vanguard  [32] | 
| V | 
| Vaengir |  |  |  |  | 1950 | 1979 | Operated BN-2 Islander  [33] | 
| W | 
| WOW air |   | WW | WOW | WOW AIR | 2012 | 2019 | Went bankrupt |