Summary: Alkalic rhyolites with peralkaline affinities, bearing quartz and potassic feldspar phenocrysts, are described from Iceland for the first time. Evidence from electron-probe analyses of feldspar phenocrysts indicates crystallization in or near the thermal valley of the system SiO₂-Or-Ab. Icelandic acid volcanic rocks are subdivided into alkalic rhyolites, belonging to transitional and alkalic basalt lineages, and the mildly calc-alkaline rhyolites of tholeiite lineages.