| Tournament details | |
|---|---|
| Dates | March 12 – October 29 |
| Teams | 19 (from 9 associations) |
| Final positions | |
| Champions |  River Plate (1st title) |
| Runners-up |  América de Cali |
| Tournament statistics | |
| Matches played | 65 |
| Goals scored | 170 (2.62 per match) |
| Top scorer(s) |  Juan Carlos de Lima (9 goals) |
The 1986 Copa Libertadores was the 27th edition of the Copa Libertadores, CONMEBOL's annual international club tournament. River Plate won the competition for their first ever title, after winning the first leg 2–1 and the second leg 1–0.
The representatives of Venezuela, Estudiantes de Mérida and Unión Atlético Táchira, did not participate upon the Venezuelan Football Federation's suspension by FIFA.