Island Masters is a midprice CD series that includes re-releases of records from the 1970s and 1980s by PolyGram. In 1989 Island Records was sold to PolyGram. The series was released in the UK and Europe.

In the UK, the discs were released with the prefix IMCD and catalogue numbers starting with 1. In some European countries, the catalogue numbers were the same, and in some they were not. This series was not released in the US. In Canada, some releases were made available as imports through PolyGram Canada. It was Island's first major attempt to make available its huge back catalogue on CD. The first year of the sublabel has seen more than 80 releases. New releases appeared for some years. In 2000, the label was re-modeled and renamed to Island Remasters. While the packaging of the Island Masters of the 1980s and 1990s was simple the newer Island Remaster followed a trend to a better packaging with higher print quality of the cover, additional slip cases, booklets, addition tracks and label prints using the label of the original LP releases.