There are several Annual events that take place in Grímsey:
- Þorrablót (February). A past heathen celebration where people today enjoy traditional Icelandic food in company of friends and neighbors. This takes place at the beginning of February.
- Bolludagur (February-March). A tradition amongst the local children in Grímsey. They gather in the school at 4 o'clock in the morning of a Monday (7 weeks before Easter). They visit all unlocked houses to wake-up the inhabitants with some decorated sticks and demand some candy or cakes. They get a day off from school at this occasion.
- Fishermans Day. The day which is the first Sunday in June is celebrated every year with a program that is customized each year with one fixed item which is the Fisherman's Day coffee buffet organized by the women's organization in the Múli community house.
- Summer Solstice Festival (June). The inhabitants of Grímsey, will celebrate the summer solstice around 20th June each year with a festival, offering visitors a chance to participate in the celebrations. For information about the Program.
- The Arctic Run. The race takes place each year early September in the island Grímsey. It was held for the first time in 2012 and has become very popular since then. The race covers most of the island and crosses the Arctic Circle. Participants can choose between the distance of 12 and 24 km / 7.5 and 15 miles. This is the only running event in the world where you can circle an island and cross the Arctic Circle meanwhile. The run has been cancelled since 2017 but there are planes to restore it.
- Fiske-Celebration (November). A celebration of the islands patron, Mr. Daniel Willard Fiske, with an auspicious cake-buffet. Takes place on Fiske´s birthday on the 11th of November.