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| - | 1919 | Commercial aviation in Iceland begin. |
| - | 1937 | Flugfélag Akureyrar founded in Akureyri on the north coast of Iceland. |
| - | 1943 | Name changed to Flugfélag Íslands (Icelandair) and headquarters moved to Reykjavík. |
| - | 1944 | Loftleidir founded, later also known as Icelandic Airlines. |
| - | 1945 | Flugfélag Íslands made its first international flights and Loftleidir in 1947. |
| - | 1953 | Loftleidir pioneered low-fare services across the North Atlantic. |
| - | 1973 | Flugfélag Íslands and Loftleidir merged to from Flugleidir. |
| - | 1979 | Flugleidir assumed operating responsibilities of its two parents, Icelandair becomes its international name. |
| - | 1992 | Flugleidir listed on the ICEX Main List. |
| - | 1993 | Total renewal of older fleet that began 1989 reaches a conclusion. |
| - | 1997 | Flugfélag Nordurlands and Flugleidir domestic flight operation merged to form Flugfélag Íslands, a wholly owned subsidiary of Flugleidir hf. |
| - | 1998 | Flugleidahótel hf. founded when the hotels that had been part of Flugleidir hf. became a distinct subsidiary. |
| - | 2000 | Flugleidir Frakt ehf. founded when the cargo business of Flugleidir became a distinct subsidiary. |
| - | 2001 | Flugthjónustan Keflavíkurflugvelli ehf. founded when the ground services of Flugleidir became a distinct subsidiary. |
| - | 2002 | Loftleidir Icelandic ehf. founded when the wet lease and charter arm of Flugleidir became a distinct subsidiary. |
| - | 2003 | Flugleidir becomes a holding company with 11 subsidiaries in travel and tourist industry in Iceland, Flugleidir hf. operations was divided into Icelandair, Icelandair Technical Services and Fjárvakur-financial services. Icelandair is the largest subsidiary. |
| - | 2005 | Flugleidir's name changed to FL Group. The holding company announced its emphasis on investment. |
| - | 2005 | Fundamental changes took place in October whereby investments became the focus of FL Group hf. and its airline and tourist service operations were divided between two separate business units; Icelandair Group and FL Travel Group. These business units are then to be made into separate subsidiaries from 1 January 2006. |
| - | 2006 | FL Group announces in February its intention to list Icelandair Group on ICEX. FL Group decides to sell Iceland Travel, Icelandair Car Rental and Reykjavik Excursions. Other companies within FL Travel Group brought into Icelandair Group along with Bláfugl and Fjárvakur will also join Icelandair Group. |
| - | 2006 | The companies comprising Icelandair Group after these changes are: Icelandair, Icelandair Cargo, Icelease, Loftleidir Icelandic, Icelandair Technical Services (ITS), Icelandair Ground Services (IGS), Bláfugl, Fjárvakur, Flugfélag Íslands, Icelandair Hotels and Íslandsferdir. |
| - | 2006 | Icelandair Group is listed on the Iceland Stock Exchange as ICEAIR |
Icelandair has been a member of International Air Transport Association (IATA) since 1950, a member of Association of European Airlines (AEA) since 1957, and a member of Flight Safety Foundation (FSF) since 1966.