1962 Icelandic Cup
The 1962 Icelandic Cup was the third edition of the National Football Cup.
It took place between 12 August 1962 and 21 October 1962, with the final played at Melavöllur in Reykjavík between KR Reykjavík and IA Akranes. Teams from the Úrvalsdeild karla did not enter until the quarter finals. In prior rounds, teams from the 2. Deild, as well as reserve teams, played in one-legged matches. In case of a draw, the match was replayed.
For the third consecutive year, KR Reykjavík reached the final, beating Fram Reykjavík 3 - 0.
Second round
- Entrance of Reynir Sandgerði, ÍB Hafnarfjörður and Keflavík ÍF
| Team 1 | Team 2 | Result |
| Reynir Sandgerði | Fram Reykjavík B | 1 - 4 |
| Tyr Vestmannaeyjar | KR Reykjavík B | 3 - 0 |
| Keflavík ÍF | Valur Reykjavík B | 4 - 1 |
| Breiðablik UBK | ÍB Hafnarfjörður | 5- 4 |
Quarter finals
- Entrance of 6 clubs from 1. Deild
| Team 1 | Team 2 | Result |
| Keflavík ÍF | Tyr Vestmannaeyjar | 2 - 0 |
| ÍB Isafjörður | KR Reykjavík | 1 - 4 |
| ÍA Akranes | ÍB Akureyri | 1 - 8 |
| Fram Reykjavík | Valur Reykjavík | 3 - 2 |