The 1986–87 Norwegian 1. Divisjon season was the 48th season of ice hockey in Norway. Ten teams participated in the league, and Valerenga Ishockey won the championship.
| Club | GP | W | T | L | GF–GA | Pts | ||
|---|---|---|---|---|---|---|---|---|
| 1. | 36 | 25 | 1 | 10 | 225:139 | 51 | ||
| 2. | 36 | 23 | 3 | 10 | 228:150 | 49 | ||
| 3. | 36 | 22 | 2 | 12 | 167:144 | 46 | ||
| 4. | 36 | 20 | 1 | 15 | 172:122 | 41 | ||
| 5. | 36 | 17 | 2 | 17 | 181:157 | 36 | ||
| 6. | 36 | 16 | 2 | 18 | 177:159 | 34 | ||
| 7. | 36 | 16 | 2 | 18 | 164:159 | 34 | ||
| 8. | 36 | 16 | 1 | 19 | 178:229 | 33 | ||
| 9. | 36 | 9 | 1 | 26 | 162:242 | 19 | ||
| 10. | 36 | 8 | 1 | 27 | 144:297 | 17 |