[1] The 2005 2. deild karla was contested by ten clubs, six of which had played in the division during the previous season.
2004 champions KS and runners-up Víkingur Ólafsvík were promoted to the second tier; replacing them were Njarðvík and Stjarnan, both relegated from the 1. deild after finishing in the bottom two places at the end of the 2004 campaign.
[3] Fjarðabyggð had reached the third tier of Icelandic football for the first time in their history after being founded in 2001.
[4] Two players, Afturelding midfielder Þorvaldur Árnason and Stjarnan forward Guðjón Baldvinsson, each scored 14 league goals in the 2005 2. deild season.
The KSÍ selected a team of the year, which consisted of 11 players and 5 substitutes.