1942 Meistaradeildin was the inaugural season of Meistaradeildin, the top tier of the Faroese football league system.
It was performed in knockout rounds rather than in a league format.
KÍ Klaksvík defeated TB Tvøroyri by 4–1 in the championship final.
A second leg was planned to be played on 5 July, but Royn withdrew.
[2] Match played on 26 July.