[6][7] It was formally opened on 2 October 1960 with Gljáfaxi, a Douglas DC-3 from Flugfélag Íslands, being the first plane to land on the airport.

[8] Located in a fjord, the approach to the runway requires aircraft to fly close to the surrounding terrain, making it unique and more challenging than most airports.

[9][10] Approaches generally cannot be straight-in for either direction, and when landing to the northeast, a full 180 degree turn must be made before touchdown.

[12][13] On 20 March 1982, the left engine of Flugleiðir's Fokker F27 Friendship, with registration TL-FLM, blew up during takeoff from Ísafjörður Airport, at the altitude of 490 feet.

The pilots managed to put out the fire but could not lower the left landing gear due to the damage it sustained in the explosion.