Early parliamentary elections were held in Iceland on 18 and 19 October 1942.

[1] They were held after reforms were made to the electoral system following the July elections.

The Independence Party emerged as the largest party in the Lower House of the Althing, winning 13 of the 35 seats.

[3] This involved introducing proportional representation to the two six-member constituencies and increasing the number of seats in Reykjavík where PR was already in use, lowering its effective threshold from 11.3% to 8.7%.

[3] Whilst both parties received a similar number of votes as in July (the IP increased their vote tally by just 26, whilst the PP lost 164 votes), the Independence Party won two extra seats in the Lower House, whilst the Progressive Party lost four.