This document summarizes a workshop held in Reykjavik, Iceland in November 2016 to discuss the Krafla Magma Testbed project. It provides an overview of the IDDP-1 well drilled at Krafla in 2008-2009 that encountered supercritical hydrous fluids up to 450°C. The Krafla Magma Drilling Project was then proposed and funded to core the magma-host rock boundary. Finally, it outlines plans to establish the Krafla Magma Testbed, a coordinated research effort using dedicated drill holes, geophysical monitoring, and experiments to study the Krafla magmatic system and develop new geothermal technologies.