The Order of the Falcon is the only order of chivalry in Iceland, founded by King Christian X of Denmark and Iceland on 3 July 1921. The award is awarded for merit for Iceland and humanity and has five degrees. Nowadays, appointments are made on the nomination of the President of Iceland and that of a "five-member council."

Christian X was King of Denmark from 1912 until his death in 1947. He was also the only King of Iceland as Kristján X, holding the title as a result of the personal union between Denmark and independent Iceland between 1918 and 1944.