Surtsey, a young basaltic island off the south coast of Iceland, was built by volcanic activity in 1963–1967 from a pre-eruption oceanic seafloor depth of 130 m. An aeromagnetic survey was carried out in October 2021 over a 60 km2 area covering Surtsey and its surroundings. It aimed to explore the internal structure and the possible existence of basaltic intrusions associated with the five vents active at different times over the 3.5 years of eruptive activity. The survey line spacing was 200 m and the flying altitude was generally 90 m a.s.l. The strongest anomalies (amplitude ∼700 nT) are caused by the 30–100 m thick subaerially erupted lava field on the southern part of Surtsey, formed in two episodes of effusive activity:1964–1965 and 1966–1967. 2D spectral analysis and Euler deconvolution indicate that the causative bodies of anomalies outside the island of Surtsey are located within the uppermost 300 m of the seafloor and their horizontal dimensions are similar to or smaller than their depth. 3D forward modeling of the island and its surroundings, constrained by observations during the formation of the island and drill cores extracted in 1979 and 2017, is consistent with an absence, at all vents, of pillow lava and therefore effusive activity in their opening phases. However, the data support the existence of a 10–20 m thick pillow lava field on the seafloor, 2.5–3 km2 in area, extending about ∼1 km to the south of Surtsey. The field is considered to have been fed by magma reaching the seafloor via channelized intrusive flow through the foreset breccia constituting the submarine part of an emerging lava delta during the early stage of effusive eruption in May–July 1964. The general scarcity of significant magnetic bodies within the edifices is consistent with magma fragmentation dominating the submarine eruptions from the onset of activity. A small magnetic anomaly is observed over the submarine edifice of Surtla, built during short-lived activity over ∼10 days in 1963–1964. This anomaly is consistent with observed subaqueous weak or moderate explosive activity that may have allowed a dyke to be preserved within the submarine tephra mound. More violent Surtseyan activity was observed at other vents, however, and may have destroyed any initial dykes that, if preserved, might have been resolved magnetically. Indications of magnetized volcanic rocks of unknown age predating the Surtsey eruption are found beneath the flank of the ephemeral island of Jólnir, the southernmost of the Surtsey vents.