The 1997–1998 Úrvalsdeild kvenna was the 41st season of the top-tier women's basketball league in Iceland.

Keflavík won its 14th title after defeating KR 3–1 in the Finals.

[1] The participating teams first played a conventional round-robin schedule with every team playing each opponent twice "home" and twice "away" for a total of 16 games.

The top four teams qualified for the championship playoffs while none was relegated to the second-tier Division I due to vacant berth.

In end of October 1997, Breiðablik withdrew its team from the league after suffering loopside losses in their four games.