|UEFA Champions League||Valur (First Qualifying Round)|
|UEFA Europa League||
FH (First Qualifying Round)|
ÍA (First Qualifying Round)
|UEFA Intertoto Cup||Fylkir (First Qualifying Round)|
|Goals scored||269 (2.99 per match)|
The 2007 season of Úrvalsdeild was the 96th season of top tier football in Iceland. Title contenders were considered to be KR, FH, ÍA and Valur. HK were playing for the first time in Landsbankadeild. The league was expanded from 10 teams to 12 teams after the 2007 season, therefore only one team was relegated and 3 were promoted from the 1. deild karla. The first match day of the season was on the 12th of May. Valur won the league for the first time in 20 years and Vikingur were relegated to 1. deild karla.
Fram's Jónas Grani Garðarsson was the top scorer with 13 goals.
Final league table
||Qualification or relegation|
|1||Valur (C)||18||11||5||2||41||20||+21||38||2008–09 UEFA Champions League First qualifying round|
|2||FH||18||11||4||3||42||26||+16||37||2008–09 UEFA Cup First qualifying round|
|4||Fylkir||18||8||5||5||23||18||+5||29||2008 UEFA Intertoto Cup First round|
|10||Vikingur (R)||18||3||5||10||15||30||−15||14||Relegation to 2008 1. deild karla|
Rules for classification: 1) points; 2) goal difference; 3) number of goals scored
(C) = Champion; (R) = Relegated; (P) = Promoted; (E) = Eliminated; (O) = Play-off winner; (A) = Advances to a further round.
Only applicable when the season is not finished:
(Q) = Qualified to the phase of tournament indicated; (TQ) = Qualified to tournament, but not yet to the particular phase indicated; (RQ) = Qualified to the relegation tournament indicated; (DQ) = Disqualified from tournament.