Final
| Valur Reykjavik | 4–1 | ÍA Akranes |
|---|---|---|
Kristinn Björnsson  A. Eðvaldsson J. Eðvaldsson Bergsveinn Alfonsson |
(Report) | Thordarson |
- Valur Reykjavik won their second Icelandic Cup and qualified for the 1975–76 European Cup Winners' 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.
| Team 1 | Team 2 | Result |
|---|---|---|
| Austri Eskifjörður | Leiknir F. | 0 - 3 |
| Þróttur Neskaupstað | Valur Reyðarfirði | 2 - 1 |
| Team 1 | Team 2 | Result |
|---|---|---|
| IR Reykjavik | Stjarnan Gardabaer | 3 - 1 |
| Grótta Seltjarnarnes | UMF Selfoss | 3 - 4 |
| Höttur Egilsstaðir | Huginn Seyðisfjörður | 3 - 5 |
| Leiknir F. | Þróttur Neskaupstað | 5 - 6 |
| Völsungur Húsavík | KS Siglufjörður | 2 - 0 |
| ÍB Ísafjörður | Stefnir | 2 - 0 |
| UMF Skallagrímur | Vikingur Ólafsvík | 0 - 3 |
| Leiftur Ólafsfjörður | UMS Skagafjördur | 3 - 1 |
| Team 1 | Team 2 | Result |
|---|---|---|
| Breiðablik Kopavogur (D2) | Víðir Garður (D2) | 9 - 0 |
| þrottur Reykjavik (D2) | Ármann Reykjavík (D2) | 1 - 2 |
| FH Hafnarfjörður (D2) | Haukar Hafnarfjörður (D2) | 0 - 2 |
| IR Reykjavik | UMF Selfoss | 0 - 2 |
| Vikingur Ólafsvík | ÍB Ísafjörður | 4 - 2 |
| Huginn Seyðisfjörður | Þróttur Neskaupstað | 0 - 3 |
| Völsungur Húsavík | Leiftur Ólafsfjörður | 7 - 1 |
| Leiknir Reykjavik (D2) | Fylkir Reykjavik (D2) | 0 - 3 |
| Team 1 | Team 2 | Result |
|---|---|---|
| Ármann Reykjavík | KR Reykjavik (D1) | 0 - 7 |
| ÍBA Akureyri (D1) | Vikingur Reykjavik (D1) | 2 - 3 |
| Haukar Hafnarfjörður | Valur Reykjavik (D1) | 1 - 8 |
| Völsungur Húsavík | Þróttur Neskaupstað | 1 - 0 |
| Vikingur Ólafsvík | ÍA Akranes (D1) | 1 - 3 |
| UMF Selfoss | ÍBK Keflavík (D1) | 0 - 1 |
| Fram Reykjavik (D1) | Fylkir Reykjavik | 4 - 0 |
| ÍBV Vestmannaeyjar (D1) | Breiðablik Kopavogur | 3 - 1 |
| Team 1 | Team 2 | Result |
|---|---|---|
| ÍBV Vestmannaeyjar | Völsungur Húsavík (D3) | 0 - 2 |
| ÍA Akranes | Fram Reykjavik | 2 - 0 |
| Vikingur Reykjavik | KR Reykjavik | 3 - 2 |
| ÍBK Keflavík | Valur Reykjavik | 1 - 3 |
| Team 1 | Team 2 | Result |
|---|---|---|
| Völsungur Húsavík (D3) | ÍA Akranes | 0 - 2 |
| Vikingur Reykjavik | Valur Reykjavik | 1 - 2 (replayed after 2–2 draw) |
| Valur Reykjavik | 4–1 | ÍA Akranes |
|---|---|---|
| Kristinn Björnsson A. Eðvaldsson J. Eðvaldsson Bergsveinn Alfonsson |
(Report) | Thordarson |
