Ólafur Jóhannesson head coached the team after signing a 3-year contract following the departure of Magnús Gylfason on 6 October. He was by former Valur player Sigurbjörn Hreiðarsson. Ólafur and Sigurbjörn coached Haukar in the 2014 season.

On 15 August Valur won the Borgunarbikarinn after beating KR in the final 2-0.

Valur ended the season in 5th place in the league. Patrick Pedersen won the golden boot with 13 goals in 20 games.

Note: Flags indicate national team as defined under FIFA eligibility rules. Players may hold more than one non-FIFA nationality.

Valur took part in the 2015 Reykjavík Cup, a pre-season tournament for clubs from Reykjavík.

The team played in group B along with Leiknir R, Víkingur R, ÍR and Þróttur R. Valur finished second in the group behind Leiknir R with 7 points, 2 wins, 1 draw and 1 defeat.Kristinn Freyr was the highest goalscorer in the group with 6 goals.