It is used mostly for football matches, and is the home ground of Íþróttabandalag Vestmannaeyja (ÍBV).

The stadium is named after the imposing rock Hásteinn, which it is located at the foot of.

[1] In January 2012, ÍBV announced plans to install 700 additional seats in time for the first game of the summer of 2012 against Breiðablik.

The estimated cost of the additional seating is 40 million ISK (315,000 USD).

[2] In April 2021 the website 90min.com rated Hásteinsvöllur, 14th best looking stadium in the world.