Magnús Scheving was born on 10 November 1964 to Þorgerður Hjartardóttir and Eyjólfur Magnússon Scheving. He grew up in the small town of Borgarnes in Iceland. At 15 years old he had his first job as a telephone exchange messenger boy for Borgarnes. In his 20s, he made a bet with a friend, Fjölnir Þorgeirsson, that each could master a sport of the other's choosing he knew nothing about in three years. Magnús chose snooker for Fjölnir, and Fjölnir chose aerobics for Magnús. Just as Magnús became a champion in aerobics, Fjölnir became Icelandic champion in snooker. He has an older sister and younger brother.