The tournament involved nine of Reykjavík's top football sides from the top two leagues in Iceland, Úrvalsdeild karla and 1. deild karla, and used a combination of group and knockout rounds to determine which team was the winner of the tournament.
The competition began on 6 January 2018[1] and concluded on 5 February 2018.
The top two teams from each group entered the semifinals stage.
[2] The ties were played on 1 February 2018 at Egilshöll, Reykjavík, one after the other.
The 2018 Reykjavik Tournament final was contested between the winners of the two semifinal matches.