| Administrator(s) | Asian Cricket Council |
|---|---|
| Cricket format | One Day International |
| Tournament format(s) | Round-robin |
| Host(s) |  Sri Lanka |
| Champions | Sri Lanka (1st title) |
| Runners-up |  Pakistan |
| Participants | 3 |
| Matches | 4 |
| Player of the series | Arjuna Ranatunga |
| Most runs | Arjuna Ranatunga (105) |
| Most wickets | Abdul Qadir (9) |
The 1986 Asia Cup (also known as the John Player Gold Leaf Trophy) was the second Asia Cup tournament, and was held in Sri Lanka between March 30 and April 6. Three teams took part in the tournament: Pakistan, Sri Lanka and Asian leading associate member Bangladesh. India pulled out of the tournament due to strained cricketing relations with Sri Lanka and was replaced by Asian leading associate nation Bangladesh, which had qualified by winning the 1984 South-East Asia Cup.
The 1986 Asia Cup was a round-robin tournament where each team played the other once, and the top two teams qualifying for a place in the final. Pakistan won both its matches and qualified for the final against Sri Lanka. Sri Lanka beat Pakistan to win their first Asia Cup.