Parliamentary elections were held in Iceland on 30 June 1974.^[1] The Independence Party remained the largest party in the Lower House of the Althing, winning 17 of the 40 seats.^[2] They formed a coalition with the Progressive Party and Independence Party leader Geir Hallgrímsson was elected Prime Minister.

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1974 Icelandic parliamentary election

← 1971 30 June 1974 1978 →
All 40 seats in the Lower House and 20 seats in the Upper House of Althing
Turnout	91.44%
Party Leader % Seats +/– Upper House Independence Geir Hallgrímsson 42.73 8 +1 Progressive Ólafur Jóhannesson 24.87 6 0 People's Alliance Ragnar Arnalds 18.34 4 +1 Social Democratic Benedikt Gröndal 9.07 2 0 Lower House Independence Geir Hallgrímsson 42.73 17 +2 Progressive Ólafur Jóhannesson 24.87 11 0 People's Alliance Ragnar Arnalds 18.34 7 0 Social Democratic Benedikt Gröndal 9.07 3 −1 Liberals & Leftists Magnús Torfi Ólafsson 4.60 2 −2 This lists parties that won seats. See the complete results below. Prime Minister before Prime Minister after Ólafur Jóhannesson Progressive Geir Hallgrímsson Independence

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Following the 1971 elections, a coalition government had been formed by the Progressive Party, People's Alliance and Union of Liberals and Leftists with the Progressives' Ólafur Jóhannesson as Prime Minister.

Early elections were triggered by the collapse of the coalition due to a petition to reconsider a policy that would close the United States naval base in Keflavik.^[3]