The 1997–1998 Úrvalsdeild kvenna was the 41st season of the top-tier women's basketball league in Iceland. The season started on 4 October 1997 and ended on 28 March 1998. Keflavík won its 14th title after defeating KR 3–1 in the Finals.[1]
The participating teams first played a conventional round-robin schedule with every team playing each opponent twice "home" and twice "away" for a total of 16 games. The top four teams qualified for the championship playoffs while none was relegated to the second-tier Division I due to vacant berth.
Six teams started the season, down from seven the previous season. In end of October 1997, Breiðablik withdrew its team from the league after suffering loopside losses in their four games.[2]
On 26 October, the board of Breiðablik withdrew the team from the league after starting the season with 4 losses,[2] including a 124–24 loss against Keflavík on 25. October.[3]