Islebound: Emerald Edition is a special edition of the game with some modified components and rules. It is best viewed as a variant of the game, rather than a 2nd edition. Islebound: Emerald Edition Upgrade Pack was available for owners of the original edition. The metal coins and painted wooden ships were also available separately as Islebound: Emerald Edition Deluxe Components.

This edition of Islebound removes the book resource from the original game and replaces it with emeralds. Emeralds have different uses than books. You collect them when visiting a player-controlled city and when you take over a city. Emeralds must be used to purchase building cards, and they can also be used to perform special abilities, such as retaining pirates and snakes after battles! The building deck has been adjusted to account for this resource change. It includes modified building cards from both the original game and some from the Metropolis expansion. There will be no building card expansion for Islebound: Emerald Edition, and the Metropolis expansion is not compatible with this version.