The glacier was officially declared dead in 2014 when it was no longer thick enough to move. What once was glacier has been reduced to a small patch of ice atop a volcano.
Prime Minister Katrin Jakobsdottir, Environment Minister Gudmundur Ingi Gudbrandsson and former Irish President Mary Robinson were due to attend the ceremony.
After opening remarks by Ms Jakobsdottir, mourners were set to walk up the volcano northeast of the capital Reykjavik to lay a plaque which carries a letter to the future.
"Ok is the first Icelandic glacier to lose its status as glacier," it reads.
"In the next 200 years all our main glaciers are expected to follow the same path. This monument is to acknowledge that we know what is happening and what needs to be done.
"Only you know if we did it."
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