1968 Icelandic Cup
The 1968 Icelandic Cup was the ninth edition of the National Football Cup.
It took place between 21 July 1968 and 5 October 1968, with the final played at Melavöllur in Reykjavík. The cup was important, as winners qualified for the UEFA Cup Winners' Cup. 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, lots were drawn. From the semi-finals, after a replay, lots were drawn.
ÍBV Vestmannaeyjar, newly promoted to the 1. Deild won the Icelandic Cup for the first time in their history, and therefore progressed into Europe. Another first came when a reserve team reached the final - KR Reykjavík, who beat their own first team in the quarter final.
Preliminary round
| Team 1 | Team 2 | Result |
| KR Reykjavík B | Völsungur Húsavík | 2–1 |
| ÍBK Keflavík B | þrottur Reykjavík | 1–5 |
| Víðir Garður | Breiðablik Kopavogur | 1–5 |
| þrottur Reykjavík B | UMF Njarðvík | 1–2 |
| ÍBA Akureyri B | FH Hafnarfjörður | 5–2 |
| Víkingur Reykjavík | IA Akranes B | 2–1 |
First round
- Entrance of Haukar Hafnarfjörður, IA Akranes, IB Isafjörður, Breiðablik Kopavogur and the reserve teams of Fram Reykjavík B, Víkingur Reykjavík B, Valur Reykjavík B and ÍBV Vestmannaeyjar B.
| Team 1 | Team 2 | Result |
| Haukar Hafnarfjörður | Víkingur Reykjavík B | 0–1 |
| Valur Reykjavík B | Breiðablik Kopavogur | 0–3 |
| UMF Njarðvík | ÍBV Vestmannaeyjar B | 1–0 |
| þrottur Reykjavík | ÍBA Akureyri | 5–1 |
| IA Akranes | Fram Reykjavík B | 8–1 |
| Víkingur Reykjavík | Breiðablik Kopavogur B | 4–0 |
| ÍB Isafjörður | KR Reykjavík B | 0–2 |
Second round
- Entrance of UMF Selfoss
| Team 1 | Team 2 | Result |
| Víkingur Reykjavík | UMF Selfoss | 6–5 |
| KR Reykjavík B | Víkingur Reykjavík B | 3–1 |
| IA Akranes | UMF Njarðvík | 6–2 |
| þrottur Reykjavík | Breiðablik Kopavogur | 2–0 |
Quarter finals
- Entrance of 6 clubs from 1. Deild
| Team 1 | Team 2 | Result |
| ÍBK Keflavík | ÍBV Vestmannaeyjar | 5–6 |
| ÍBA Akureyri | Valur Reykjavík | 6–6 |
| KR Reykjavík B | KR Reykjavík | 4–3 |
| Fram Reykjavík | Víkingur Reykjavík | 7–4 |
Final
- ÍBV Vestmannaeyjar won their first Icelandic Cup and qualified for the 1969–70 European Cup Winners' Cup.