| Competition: | Yugoslav Second League |
| Season: | 1986–87 |
| Winners: | Vojvodina (West Division) Rad (East Division) |
| Promoted: | Vojvodina Rad |
| Relegated: | Vrbas Dinamo Pančevo Maribor RNK Split Sloga Doboj Belasica Trepča Bokelj |
| Prevseason: | 1985–86 |
| Nextseason: | 1987–88 |
The 1986–87 Yugoslav Second League season was the 41st season of the Second Federal League (Druga savezna liga), the second level association football competition of SFR Yugoslavia, since its establishment in 1946. The league was contested in two regional groups (West Division and East Division), with 18 clubs each.
A total of eighteen teams contested the league, including thirteen sides from the 1985–86 season, one club relegated from the 1985–86 Yugoslav First League and four sides promoted from the Inter-Republic Leagues played in the 1985–86 season. The league was contested in a double round robin format, with each club playing every other club twice, for a total of 34 rounds. Two points were awarded for wins and one point for draws.
Vojvodina were relegated from the 1985–86 Yugoslav First League after finishing in the 18th place of the league table. The four clubs promoted to the second level were Sloga Doboj, Maribor, Mladost Petrinja and Dinamo Pančevo.
| Team | Location | Federal subject | Position in 1985–86 | |
|---|---|---|---|---|
| Borac Banja Luka | Banja Luka | 12th | ||
| Dinamo Pančevo | Pančevo | SAP Vojvodina | ||
| GOŠK-Jug | Dubrovnik | 11th | ||
| Famos Hrasnica | Hrasnica | 14th | ||
| Iskra | Bugojno | 2nd | ||
| Jedinstvo Brčko | Brčko | 5th | ||
| Kikinda | Kikinda | SAP Vojvodina | 8th | |
| Leotar | Trebinje | 3rd | ||
| Maribor | Maribor | |||
| Mladost Petrinja | Petrinja | |||
| Novi Sad | Novi Sad | SAP Vojvodina | 7th | |
| Proleter Zrenjanin | Zrenjanin | SAP Vojvodina | 4th | |
| Rudar Ljubija | Prijedor | 6th | ||
| Sloga Doboj | Doboj | |||
| RNK Split | Split | 13th | ||
| Šibenik | Šibenik | 9th | ||
| Vojvodina | Novi Sad | SAP Vojvodina | ||
| Vrbas | Titov Vrbas | SAP Vojvodina | 10th |
A total of eighteen teams contested the league, including thirteen sides from the 1985–86 season, one club relegated from the 1985–86 Yugoslav First League and four sides promoted from the Inter-Republic Leagues played in the 1985–86 season. The league was contested in a double round robin format, with each club playing every other club twice, for a total of 34 rounds. Two points were awarded for wins and one point for draws.
OFK Belgrade were relegated from the 1985–86 Yugoslav First League after finishing in the 17th place of the league table. The four clubs promoted to the second level were Bokelj, Majdanpek, Pobeda and Vlaznimi Đakovica.