The Icelandic Final was held on February 15th at Háskólabíó in Reykjavik, hosted by Logi Bergmann Eiðsson & Gísli Marteinn Baldursson. The winner was chosen by televoting. Only the top 3 were announced, however some other unconfirmed results appear below.
| 1 | Hvar sem ég enda | Wherever I end up | Þóra Gísladóttir | ? | ? |
| 2 | Ferrari | Ferrari | Ragnheiður Gröndal | ? | ? |
| 3 | Þú | You | Hreimur Örn Heimisson | ? | 7th |
| 4 | Sögur | Stories | Ingunn Gylfadóttir | ? | 15th |
| 5 | Í nótt | Tonight | Eivör Pálsdóttir | ? | 6th |
| 6 | Með þér | With you | Hjördís Elín Lárusdóttir & Guðrún Árný Karlsdóttir | ? | ? |
| 7 | Engu þurfum að tapa | Don’t need to lose anything | Regína Ósk Óskarsdóttir & Hjalti Jónsson | ? | ? |
| 8 | Euróvísa | Eurovisa | Botnleðja | 10594 | 2nd |
| 9 | Segðu mér allt | Tell me everything | Birgitta Haukdal | 21964 | 1st |
| 10 | Ást á skítugum skóm | Love in dirty shoes | Rúnar Júlíusson | ? | ? |
| 11 | Sá þig | Saw you | Þórey Heiðdal Vilhjálmsdóttir | 5041 | 3rd |
| 12 | Mig dreymdi lítinn draum | I had a little dream | Hreimur Örn Heimisson | 202 | 11th |
| 13 | Tangó | Tango | Ragnheiður Eiríksdóttir | ? | 4th |
| 14 | Allt | Everything | Höskuldur Örn Lárusson | ? | ? |
| 15 | Þú og ég (er ég anda) | You and I (as I breath) | Jóhanna Vigdís Arnardóttir | ? | ? |
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Birgitta Haukdal previously came 7th in the 2001 Icelandic Final. At the ESC she was equal 8th, where one of her backing singers was Regína Ósk Óskarsdóttir. Jóhanna Vigdís Arnardóttir was a backing singer for Iceland at ESC 1999. One of the backing singers at the Icelandic Final (for the majority of the songs) was Kristján Gíslason who represented Iceland at ESC 2001.