ÍBV women's team first played in 1993, in the Icelandic second-tier 1. deild kvenna (then named 2. deild kvenna) but folded after five games. The team was back the next season and in 1996 it was promoted to Úrvalsdeild kvenna. The team folded after the 2004 season but was resurrected in 2007 when it participated in the Icelandic cup. In 2008 they participated again in 1. deild kvenna and in 2010 they won the league and got promoted back to Úrvalsdeild kvenna.[4] In 2017 the team won its second Icelandic Cup after beating Stjarnan 3-2 in extra time.[2] In November 2018, the club hired Jón Óli Daníelsson as its manager, replacing Ian Jeffs who joined the Icelandic women's national football team as an assistant manager.[5]