The 2003 season of 1. deild karla was the 49th season of second-tier football in Iceland.
| Scorer | Goals | Team |
|---|---|---|
 Jóhann Þórhallsson | 15 | Þór A. |
| Þórarinn Brynjar Kristjánsson | 14 | Keflavík |
| Magnús Sverrir Þorsteinsson | 12 | Keflavík |
| Stefán Örn Arnarson | 10 | Víkingur R. |
| Eyþór Guðnason | 10 | Njarðvík |
 Zeid Yasin | 8 | Leiftur/Dalvík |
| Daníel Hjaltason | 8 | Víkingur R. |
| Óskar Örn Hauksson | 7 | Njarðvík |
| Brynjar Sverrisson | 7 | Stjarnan |
| Zoran Panic | 7 | HK |
 Alexandre Barreto dos Santos | 7 | Þór A. |