| Competition: | Prva savezna liga Jugoslavije |
| Season: | 1986 - 87 |
| Winners: | Partizan |
| Runners-Up: | Velež |
| Relegated: | Dinamo Vinkovci Spartak Subotica |
| Continentalcup1: | European Cup |
| Continentalcup1 Qualifiers: | Vardar |
| Continentalcup2: | UEFA Cup |
| Continentalcup2 Qualifiers: | Partizan Velež Red Star |
| Continentalcup3: | Cup Winners' Cup |
| Continentalcup3 Qualifiers: | Hajduk Split |
| League Topscorer: | Radmilo Mihajlović (23) |
| Prevseason: | 1985–86 |
| Nextseason: | 1987–88 |
The 1986–87 Yugoslav First League title was awarded to FK Partizan, as the 6 points deduction that originally made Vardar Skopje champions, was declared invalid.
| Player | League | ||
|---|---|---|---|
| Matches | Goals | ||
| Fahrudin Omerović (goalkeeper) | 34 | 0 | |
| 31 | 19 | ||
| 31 | 4 | ||
| 31 | 3 | ||
| 30 | 3 | ||
| 29 | 1 | ||
| 28 | 7 | ||
| 28 | 5 | ||
| 27 | 2 | ||
| 26 | 7 | ||
| 26 | 0 | ||
| 24 | 1 | ||
| 18 | 0 | ||
| 17 | 1 | ||
| 16 | 2 | ||
| 15 | 3 | ||
| 6 | 0 | ||
| 5 | 0 | ||
| 4 | 0 | ||
| 4 | 0 | ||
| Head coach: Nenad Bjeković | |||
| Player | |||
|---|---|---|---|
| Momčilo Grošev (goalkeeper) | |||
| Head coach: Andon Dončevski | |||
| Rank | Player | Club | Goals | |
|---|---|---|---|---|
| 1 | Radmilo Mihajlović | Željezničar | 23 | |
| 2 | Janko Janković | Rijeka | 20 | |
| 3 | Milko Đurovski | Partizan | 19 | |
| 4 | Darko Pančev | Vardar | 18 | |
| 5 | Dragan Stojković | Red Star | 17 | |
| 6 | Predrag Jurić | Velež | 16 | |
| 7 | Dragan Jakovljević | Sarajevo | 15 | |
| 8 | Boro Cvetković | Red Star | 13 |