| Country: | Iceland |
| Previous Election: | 1946 |
| Election Date: | 23 and 24 October 1949 |
| Next Election: | 1953 |
| Seats For Election: | All 35 seats in the Lower House and 17 seats in the Upper House of Althing |
| Turnout: | 89.03% |
| Heading1: | Upper House |
| Leader1: | Ólafur Thors |
| Party1: | Independence Party (Iceland) |
| Last Election1: | 7 |
| Seats1: | 6 |
| Percentage1: | 39.53 |
| Leader2: | Hermann Jónasson |
| Party2: | Progressive Party (Iceland) |
| Last Election2: | 4 |
| Seats2: | 6 |
| Percentage2: | 24.45 |
| Leader3: | Einar Olgeirsson |
| Party3: | People's Unity Party – Socialist Party |
| Last Election3: | 3 |
| Seats3: | 3 |
| Percentage3: | 19.49 |
| Leader4: | Stefán Stefánsson |
| Party4: | Social Democratic Party (Iceland) |
| Last Election4: | 3 |
| Seats4: | 2 |
| Percentage4: | 16.53 |
| Heading5: | Lower House |
| Leader5: | Ólafur Thors |
| Party5: | Independence Party (Iceland) |
| Last Election5: | 13 |
| Seats5: | 13 |
| Percentage5: | 39.53 |
| Leader6: | Hermann Jónasson |
| Party6: | Progressive Party (Iceland) |
| Last Election6: | 9 |
| Seats6: | 11 |
| Percentage6: | 24.45 |
| Leader7: | Einar Olgeirsson |
| Party7: | People's Unity Party – Socialist Party |
| Last Election7: | 7 |
| Seats7: | 6 |
| Percentage7: | 19.49 |
| Leader8: | Stefán Stefánsson |
| Party8: | Social Democratic Party (Iceland) |
| Last Election8: | 6 |
| Seats8: | 5 |
| Percentage8: | 16.53 |
| Prime Minister | |
| Before Election: | Stefán Stefánsson |
| Before Party: | Social Democratic Party (Iceland) |
| After Party: | Independence Party (Iceland) |
Parliamentary elections were held in Iceland on 23 and 24 October 1949.[1] The Independence Party remained the largest party in the Lower House of the Althing, winning 13 of the 35 seats.[2]
The elections were conducted under rural–urban proportional representation. Twenty-one members were elected in single-member constituencies via first-past-the-post voting, while the remainder were elected using D'Hondt method proportional representation: twelve members in two-member constituencies, eight members in Reykjavík, and eleven from a single national compensatory list. To earn national list seats, a party had to win at least one constituency seat. In constituencies electing two or more members, within the party list, voters had the option to re-rank the candidates and could also strike a candidate out. Allocation of seats to candidates was done using a system based on the Borda count.[3]