Presidential elections were held in Iceland on 27 June 2020.

Jóhannesson announced in his new year's address on 1 January 2020 that he would seek re-election.

[4] Guðmundur Franklín Jónsson, a businessman and activist, announced that he would run for the office of president in a Facebook-live video on 22 April.

[5] Several other persons announced their interest in running for the office, including Axel Pétur Axelsson, a self described social engineer, who was quoted as saying that his first matter of business as president would be to dismiss all members of the Icelandic government.

Jóhannesson and challenger Guðmundur Franklín Jónsson gathered the required number of signatures to get on the ballot.