| Season: | 1994 |
| Nextseason: | 1995 |
Statistics of Úrvalsdeild in the 1994 season.
It was contested by 10 teams, and ÍA won the championship. ÍA's Mihajlo Biberčić was the top scorer with 14 goals.
Each team played every opponent once home and away for a total of 18 matches.
| Rank | Player | Club | Goals |
|---|---|---|---|
| 1 | Mihajlo Biberčić | ÍA | 14 |
| 2 |  Bjarni Guðmundsson | Þór | 11 |
| Oli Þór Magnússon | Keflavík | ||
| 4 | Hörður Magnússon | FH | 10 |
| Ragnar Margeirsson | Keflavík | ||
| 6 | Ríkharður Daðason | Fram | 9 |
| Helgi Sigurðsson | Fram | ||
| 8 | Sumarliði Arnarson | ÍBV | 8 |
| 9 | Eiður Guðjohnsen | Valur | 7 |
| Leifur Geir Hafsteinsson | Stjarnan |