[2] The Iceland Sea is surrounded by two main water masses, each originating from distinct sources and possess unique characteristics.

[4] Where warm and cold-water masses converge off the northwest and the off north coasts of Iceland, a frontal area forms.

[1] Whereas common dinoflagellates present are of the genera Ceratium and Protoperidinium that bloom after the spring, while the presence of diatoms is still high.

[1] Fish species that are found within the Icelandic Sea are cod (Gadus morhua), haddock (Melanogrammus aeglefinus), saithe (Pollachius virens), redfish (Sebastes marinus), herring (Clupea harengus), blue whiting (Micromesistius poutassou), capelin (Mallotus villosus), monk fish (Lophius piscatorius), and Greenland halibut (Reinhardtius hippoglossoides).

[1][2][4] The Iceland Sea inhabits five different species of invertebrates being the northern shrimp (Pandalus borealis), Norway lobster (Nephrops norvegicus), the Iceland scallop (Chlamys islandica), the ocean quahog (Arctica islandica), and the common welk (Buccinum undatum).

Particularly worrisome for the Iceland Sea is the phenomenon of ocean acidification, which poses a significant threat to marine life.

[8] Warming of the Iceland Sea has also had notable impacts on its marine ecosystem, leading to changes in the distribution and abundance of various pelagic fish species, particularly the capelin and mackerel.