AbstractCandidate glaciovolcanic landforms have been identified across Mars, suggesting that volcano‐ice interactions may have been relatively widespread in areas that once contained extensive surface and near‐surface ice deposits. To better constrain the detection of glaciovolcanism in Mars' geological record, this study has investigated and characterized the petrology, geochemistry, and mineralogy of three intraglacial volcanoes and an interglacial volcano in the Þórisjökull area of southwest Iceland. Our results show that glaciovolcanism creates abundant, variably altered hyaloclastite and hyalotuff that is sufficiently geochemically and mineralogically distinctive from subaerially erupted lava for identification using instruments available on Mars rovers and landers. Due to the lower gravity and atmospheric pressure at the surface of Mars, hyaloclastite and hyalotuff are also more likely to form in greater abundance in Martian glaciovolcanoes. Our results support that magmatism following deglaciation likely triggers decompression melting of the shallow mantle beneath Iceland, creating systematic changes in geochemistry and mineralogy. Glaciation can also suppress magmatism at its peak, encouraging the formation of shallow fractionated magma chambers. As such, it is possible for the crustal loading of an ice cap to enhance igneous diversity on a planet without plate tectonism, creating glass‐rich, altered, and mineralogically diverse deposits such as those discovered in Gale crater by the Curiosity rover. However, as the eroded products of glaciovolcanism are similar to those formed through hydrovolcanism, the presence of a glaciovolcanic landform at the source is required to confirm whether volcano‐ice interactions occurred at the sediment source.