Iceland is one of a handful of countries that still maintain a whaling fleet. One company concentrates on hunting fin whales, largely for export to Japan, while the only other one hunts minke whales for domestic consumption, as the meat is popular with tourists. Iceland now has its own whale watching sector, which exists in uneasy tension with the whaling industry.

Iceland did not object to the 1986 IWC moratorium. Between 1986 and 1989 around 60 animals per year were taken under a scientific permit. However, under strong pressure from anti-whaling countries, who viewed scientific whaling as a circumvention of the moratorium, Iceland ceased whaling in 1989. Following the IWC's 1991 refusal to accept its Scientific Committee's recommendation to allow sustainable commercial whaling, Iceland left the IWC in 1992.

Iceland rejoined the IWC in 2002 with a reservation to the moratorium. Iceland presented a feasibility study to the 2003 IWC meeting for catches in 2003 and 2004. The primary aim of the study was to deepen the understanding of fish–whale interactions. Amid disagreement within the IWC Scientific Committee about the value of the research and its relevance to IWC objectives, no decision on the proposal was reached. However, under the terms of the convention the Icelandic government issued permits for a scientific catch. In 2003 Iceland resumed scientific whaling which continued in 2004 and 2005.

Iceland resumed commercial whaling in 2006. Its annual quota was 30 minke whales (out of an estimated 174,000 animals in the central and north-eastern North Atlantic) and nine fin whales (out of an estimated 30,000 animals in the central and north-eastern North Atlantic). For the 2012 commercial whaling season, starting in April and lasting six months, the quota was set to 216 minke whales, of which 52 were caught.

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