Aortic valve stenosis (AS) is the most common valvular heart disease, and valve replacement is the only definitive treatment. Here we report a large genome-wide association (GWA) study of 2,457 Icelandic AS cases and 349,342 controls with a follow-up in up to 4,850 cases and 451,731 controls of European ancestry. We identify two new AS loci, on chromosome 1p21 near PALMD (rs7543130; odds ratio (OR) = 1.20, P = 1.2 × 10⁻²²) and on chromosome 2q22 in TEX41 (rs1830321; OR = 1.15, P = 1.8 × 10⁻¹³). Rs7543130 also associates with bicuspid aortic valve (BAV) (OR = 1.28, P = 6.6 × 10⁻¹⁰) and aortic root diameter (P = 1.30 × 10⁻⁸), and rs1830321 associates with BAV (OR = 1.12, P = 5.3 × 10⁻³) and coronary artery disease (OR = 1.05, P = 9.3 × 10⁻⁵). The results implicate both cardiac developmental abnormalities and atherosclerosis-like processes in the pathogenesis of AS. We show that several pathways are shared by CAD and AS. Causal analysis suggests that the shared risk factors of Lp(a) and non-high-density lipoprotein cholesterol contribute substantially to the frequent co-occurence of these diseases.