| 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 |