The Islanders qualified for the 2015 Stanley Cup playoffs after finishing the season in third place in the Metropolitan Division and fifth in the Eastern Conference with 101 points.
On May 22, 2014, the Islanders signed unrestricted free agent goaltender Jaroslav Halak to a four-year extension to keep him under contract through the 2017–18 season after trading for him from the Washington Capitals for the Blackhawks' fourth-round pick in the 2014 Entry Draft earlier in the month.
The Islanders also acquired two defenseman on October 4, 2014, one week before their first regular season game—Johnny Boychuk was traded from the Boston Bruins in exchange for 2015 (used on Brandon Carlo) and 2016 draft picks, while Nick Leddy was traded from the Chicago Blackhawks along with amateur goaltender Kent Simpson in exchange for T. J. Brennan, Ville Pokka and the rights to Anders Nilsson.
[4][5] Before the Islanders began their regular season, Matt Carkner, Calvin de Haan, Michael Grabner and Lubomir Visnovsky were placed on injured reserve (IR), while previous first round Islanders draft picks, rookies Griffin Reinhart and Ryan Strome, impressed the coaching staff enough to make the opening night roster for their first times.
Soon after, injuries to Mikhail Grabovski and Josh Bailey led the team to call up Anders Lee from the Sound Tigers.
[13][14] As December began, injuries provided setbacks with Michael Grabner and Lubomir Visnovsky returning to the IR, joined by Johnny Boychuk, Travis Hamonic and Casey Cizikas.
Conacher was originally placed on the team's top line, alongside John Tavares and Kyle Okposo, however he did not last long there as the coaching staff began trying out various other players to fill the spot.
[18] The injury led to Kevin Poulin being called up from the Sound Tigers; he only played in one game, a 3–4 shootout loss to the Buffalo Sabres.
After injuries to goaltenders Jimmy Howard of the Detroit Red Wings and Pekka Rinne of the Nashville Predators, Halak and the Pittsburgh Penguins' Marc-Andre Fleury were named as their replacements.
[28] On February 19, Halak tied a franchise record for most wins in a season after earning his 32nd against the Nashville Predators, with 30 saves against 32 shots.
Matt Carkner was removed from IR after spending the entire season sidelined from back surgery, and was sent to the Sound Tigers after clearing waivers.
[31] As the team continued their push for the top spot in the Metropolitan Division standings, it was announced that defenseman Nick Leddy signed a seven-year contract worth $38.5 million on February 24.
Two of the trades involved minor league players Cory Conacher and David Leggio sent to the Vancouver Canucks and Arizona Coyotes, respectively, in exchange for Dustin Jeffrey and Mark Louis.
[34][35] Halak received a new backup goaltender when Chad Johnson was sent to the Buffalo Sabres, with the Islanders picking up Michal Neuvirth in return.
Outside of the goaltending change, the main roster went untouched with the exception of adding Tyler Kennedy, who was acquired from the San Jose Sharks in exchange for a conditional 2015 draft pick.
[40] Capuano chose to start him again the following game, as Neuvirth picked up his first win with the team in a 4–3 overtime victory against the Toronto Maple Leafs on March 9.
Anders Lee was given a $2,286.29 fine on December 9, 2014, for elbowing St. Louis Blues defenseman Carl Gunnarsson; the incident occurred during NHL Game No.
[58] Martin received a one-game suspension with a $5,376.34 forfeit on March 5, 2015, for kneeing Dallas Stars defenseman Trevor Daley in NHL Game No.
[73] Seven other players were put on waivers by the Islanders during the season and sent to the Sound Tigers once cleared: David Leggio, Kevin Poulin, Harry Zolnierczyk, Aaron Ness, Colin McDonald, Cory Conacher and Matt Carkner.