The 1976 season of 1. deild karla was the 22nd season of second-tier football in Iceland.
The team in second place in 1. deild met the team in last place in the 1976 Úrvalsdeild for a place in the 1977 Úrvalsdeild, as teams in Úrvalsdeild and 1. deild were increased from 9 to 10. Þór A. won this playoff.
The team in last place in 1. deild met the teams in 2nd and 3rd in the 1976 2. deild in a playoff round for two 1. deild places. The team in 1st place in the 2. deild (Reynir S.) had already been promoted.
| Pos | Team | Played | Points | Notes |
|---|---|---|---|---|
| 1 | Þróttur N. | 2 | 4 | Promoted |
| 2 | Reynir Á. | 2 | 2 | Escaped relegation |
| 3 | Afturelding | 2 | 0 | |