This study aims to explain the distribution, maturity and population structure of Meganyctiphanes norvegica and Thysanoessa inermis in springtime in relation to main hydrographic regions around Iceland: Atlantic in the southwest, Atlantic-Arctic mixture in the north and Arctic in the east. Krill were collected 14–29 May 2013 using a macrozooplankton trawl. Biomass of both species combined was significantly higher in the southwest than in north and east. M. norvegica clearly dominated in Atlantic waters, whereas T. inermis was more evenly distributed around the island, while the highest values were also observed in the southwest for this species. Simple linear regressions showed that the abundance of M. norvegica was positively related to temperature, salinity and phytoplankton concentration, while the abundance of T. inermis was negatively related to bathymetry. Multiple linear regression analyses did not add to this information of a positive relationship between abundance and temperature for M. norvegica, while T. inermis was shown to be negatively related to both temperature and bathymetry. During the latter half of May, the main spawning of both species was confined to the regions off the southwest coast. Sex ratio (males/females) of M. norvegica was higher in the southwest than in the north and east, whereas T. inermis showed a similar sex ratio all around the island. In all regions, M. norvegica appears to have a lifespan of 2 years while T. inermis of 1 year in the southwest and possibly 2 years in north and east.