The 1994 season of 2. deild karla was the 29th season of third-tier football in Iceland.
| Scorer | Goals | Team |
|---|---|---|
 Sigurður Valur Árnason | 15 | Víðir |
| Sindri Grétarsson | 14 | BÍ |
| Valdimar K. Sigurðsson | 12 | Skallagrímur |
| Hjörtur Hjartarson | 11 | Skallagrímur |
| Þorvaldur Logason | 10 | Fjölnir |
| Haraldur Hinriksson | 10 | Skallagrímur |
| Örvar Eiríksson | 9 | Dalvík |