The science and technology exchanges between China and Iceland mainly focus on geothermal energy and Arctic expedition. Since 1980s, Iceland has trained more than 80 Chinese technicians, making China the country with the largest group of geothermal technicians trained in Iceland. In 2005 the two sides signed Memorandum of Understanding on Environmental Cooperation between Environmental Protection Bureau of China and Ministry for Environment of Iceland , MOU on Earthquake Research Cooperation between Earthquake Administration of China and Ministry for Environment of Iceland. In December 2006, Sinopec Star Petroleum signed an agreement on thermal resources development with Icelandic Orka Energy Co., Ltd. (Later as Arctic Green Energy Corporation) and started a joint venture with geothermal project in Shannxi Province and Hebei Province. In December 2016, Sinopec Star Petroleum of China, National Energy Authority and Arctic Green Energy Corporation of Iceland set up the China Iceland Geothermal Technology Research and Development Center.

In 2012, the two sides signed the Framework Agreement between the Government of the People's Republic of China and the Government of Iceland on Arctic Cooperation, the Memorandum of Understanding on Cooperation in the Field of Marine and Polar Science and Technology between the State Oceanic Administration of the People's Republic of China and the Ministry for Foreign Affairs of Iceland. In the same year as 2012, China's Icebreaker Snow Dragon visited Iceland. In 2014, Polar Research Institute of China and Rannis of Iceland hosted the ground-breaking ceremony of China-Iceland Arctic Science Observatory (CIAO) and in October 2018 CIAO was officially launched. Since 2013, Chinese delegations have attended Arctic Circle Assembly in Iceland on an annual basis, and in May 2019 China Forum of Arctic Circle will take place in Shanghai.