The season started on 1 October 1994 and ended on 2 April 1995.

Breiðablik won its first title by defeating Keflavík 3–0 in the Finals.

[1][2][3][4] The participating teams played each opponent three times for a total of 24 games.

The top four teams qualified for the championship playoffs while none were relegated to Division I due to vacance berths.

Source: 1998 playoffs All official awards of the 1995–96 season.