Iceland selected their participant using their national final, known as Söngvakeppni Sjónvarpsins 2007. Eiríkur Hauksson represented Iceland at Eurovision with the song "Valentine Lost". Before the final, there were three semi-finals, comprising 24 songs in total, leading up to the final in Reykjavík which took place on February 17, 2007. Nine song were performed in the Icelandic final, all written by Icelandic composers and sung in Icelandic. The chosen song is written by Kristján Hreinsson and composed by Sveinn Rúnar Sigurðsson.

At Eurovision, the selected song was translated into English as "Valentine Lost". Eiríkur Hauksson performed in the semi-final of Eurovision on 10 May, failing to qualify for the final. The Icelandic entry was to be presented fifth, after Belarus and before Georgia, however, it failed to reach the final of the contest.

This was the third time Eiríkur performed at Eurovision, having represented the country for the first time in 1986, the year of Iceland's debut in the contest. The second time, Eiríkur performed a song for Norway.

Despite actually being in the Eurovision Song Contest, Eiríkur remained the Icelandic representative for the 2007 Nordic preview show.

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