The 1998 season of Úrvalsdeild was the 87th season of league football in Iceland. ÍBV defended their title. ÍR and Þróttur were relegated. The competition was known as Landssímadeild, due to its sponsorship by the now-defunct company, Landssíminn.
| Pos | Team | Played | Won | Draw | Lost | Goals For | Goals Against | Goal Difference | Points | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ÍBV | 18 | 12 | 2 | 4 | 40 | 15 | +25 | 38 | UEFA Champions League |
| 2 | KR | 18 | 9 | 6 | 3 | 25 | 9 | +16 | 33 | |
| 3 | ÍA | 18 | 8 | 6 | 4 | 27 | 22 | +5 | 30 | UEFA Cup |
| 4 | Keflavík | 18 | 8 | 4 | 5 | 19 | 23 | -4 | 28 | |
| 5 | Leiftur | 18 | 7 | 4 | 7 | 21 | 21 | +0 | 25 | Inter-Toto Cup |
| 6 | Fram | 18 | 5 | 5 | 8 | 21 | 23 | -2 | 20 | |
| 7 | Grindavík | 18 | 5 | 4 | 9 | 24 | 34 | -10 | 19 | |
| 8 | Valur | 18 | 4 | 6 | 8 | 25 | 33 | -8 | 18 | |
| 9 | Þróttur | 18 | 4 | 6 | 8 | 27 | 39 | -12 | 18 | Relegated |
| 10 | ÍR | 18 | 4 | 5 | 9 | 20 | 30 | -10 | 17 |
| # | Player | Club | Goals |
|---|---|---|---|
| 1 | Steingrímur Jóhannesson | ÍBV | 16 |
| 2 | Tómas Ingi Tómasson | Þróttur | 14 |
| 3 | Ásmundur Arnarsson | Fram | 8 |
| 4 | Arnór Guðjohnsen | Valur | 7 |
| 4 | Sigurður Ragnar Eyjólfsson | ÍA | 7 |
| 4 | Guðmundur Benediktsson | KR | 7 |
| 7 | Sævar Þór Gíslason | ÍR | 6 |
| 8 | Grétar Ólafur Hjartarson | Grindavík | 5 |
| 8 | Þórarinn Kristjánsson | Keflavík | 5 |
| 8 | Jón Þ. Stefánsson | Valur | 5 |
| 8 | Uni Arge | Leiftur | 5 |
| 8 | Ragnar Hauksson | ÍA | 5 |
| 8 | Hreinn Hringsson | Þróttur | 5 |
| 8 | Kristófer Sigurgeirsson | Fram | 5 |
| 8 | Milan Stefán Jankovic | Grindavík | 5 |
| 1998 Landssímadeild Winners |
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| ÍBV 3rd Title |
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