1974 Icelandic Cup

The 1974 Icelandic Cup was the 15th edition of the National Football Cup.

It took place between 3 July 1973 and 11 September 1974, 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).

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, the match was replayed at the opposition's ground.

Valur Reykjavik won their second Icelandic Cup, beating ÍA Akranes in the final. The club therefore qualified for Europe.

Third round

 * Entry of eight teams from the 2. Deild

Fourth round

 * Entry of eight teams from the 1. Deild

Final

 * Valur Reykjavik won their second Icelandic Cup and qualified for the 1975–76 European Cup Winners' Cup.