Ungmennafélagið Víkingur, also known as Víkingur Ólafsvík and UMF Víkingur, was first established back in 1928. Based out of the town of Ólafsvík in the Snæfellsnes, the club have spent the majority of their time in the lower tiers of Iceland's league system and, on occasion, have had to enter into the league as part of a united Snæfellsnes team, rather than as an independent entity. However, the team have managed to scale to new heights in more recent times.
From the time of the club's foundation up until the 1970s, they competed far down the league pyramid. At the end of the 1974 season, Víkingur Ólafsvík were crowned as champions of the 2. deild karla, the country's third tier, and gained promotion to the second tier. Unfortunately, they were relegated at the end of their first season in the division.
Since that time, Víkingur Ólafsvík have bounced up and down between the divisions, primarily competing in the third and fourth tiers, struggling to find any sort of consistency. In 2005, they once again reached the second tier and this time were able to establish themselves in the division. At the end of the 2012 campaign, they finished in second place and were granted promotion to the top division, the Úrvalsdeild, for the first time in history. To date, they have been unable to claim any of the major honours on offer in the country and their promotion to the top tier marked their greatest ever achievement.
Guðmundur Steinn Hafsteinsson is perhaps the team's most notable former player and the striker played a vital role in the club's promotion to the Úrvalsdeild, finishing the 2012 season as the 1. deild karla top goalscorer.
Víkingur Ólafsvík's home games are held at Ólafsvíkurvöllur, which is currently able to hold a maximum of 1,130 supporters.