Kopavogur is a fast growing town and the second largest in the country. It has been developing since the 1940’ when demand for cheaper lots began. Kopavogur gained municipal rights in 1955. In 2002 there were 25.000 inhabitants in Kópavogur.

The municipal authorities have gone out of their way to attract all kinds of businesses and have been quite successful. In Kopavogur is the biggest mall of the country, Smáralind, along with many small industries and other undertakings. In 1999 the tradition of The Icelandic Fisheries Exhibition, one of the biggest in the world, was started in Kopavogur. The town merges into the capital, so it is very difficult to see the boundaries between them. Kópavogur is also known for cultural activities. It boasts of the first specially designed concert hall in Iceland. The concert hall Salurinn was opened on the January 2nd in 1999.

Particular emphasis where put on creating the acoustics in order to make them as good as possible and Salurinn has been highly praised by performers and guests for its exceptional acoustics. Kopavogur’s westernmost part includes Borgarholt, a protected natural environment, from which there is a spectacular view over the Reykjavík area, and it’s islands, bays, inlets and the mountains beyond. This stunning location was selected for the town's main church, consecrated in 1962, whose unique design and situation make it the symbol of Kopavogur. Borgarholt is also home to the town's most significant cultural institutions; the Art Museum Gerdarsafn, displaying contemporary and modern arts, the Natural Museum, with its rare collection of molluscs, the Library and the Music School.

Historically Kópavogur is know for the fateful event in 1662 when the Icelanders were forced to acknowledge the Danish King, Frederick the 3rd as an absolute monarch. A monument commemorating these events was erected at the actual site of Kopavogsþing/assebly in 1962; at the same place there are ruins, believed to be the former assembly house.