| Competition: | Alpha Ethniki |
| Season: | 1986–87 |
| Winners: | Olympiacos 25th Greek title |
| Relegated: | Doxa Drama Apollon Athens PAS Giannina |
| Continentalcup1: | European Cup |
| Continentalcup1 Qualifiers: | Olympiacos |
| Continentalcup2: | UEFA Cup |
| Continentalcup2 Qualifiers: | Panathinaikos Panionios |
| Continentalcup3: | Cup Winners' Cup |
| Continentalcup3 Qualifiers: | OFI |
| League Topscorer: | Nikos Anastopoulos (16 goals) |
| Matches: | 217 |
| Total Goals: | 490 |
| Prevseason: | 1985–86 |
| Nextseason: | 1987–88 |
The 1986–87 Alpha Ethniki was the 51st season of the highest football league of Greece. The season began on 7 September 1986 and ended on 7 June 1987. Olympiacos won their 25th Greek title and their first one in four years. The championship was marked by the strike declared by 12 teams in the last three games of the championship. As a result, most of the teams did not come to the last matches of the championship and were punished by deducting 6 points. The only ones who came and were not punished were Olympiacos, Panathinaikos, OFI and Panionios, which took the first four places in the standings.
The point system was: Win: 2 points - Draw: 1 point.
Match changes:
All the games between the 12 teams which went on strike were counted 0–0, with both teams become a loss counted. A game between one of Olympiacos, Panathinaikos, OFI, and Panionios against the teams on strike was awarded 2–0 to the team of the first group.
| Rank | Player | Club | Goals |
|---|---|---|---|
| 1 | Nikos Anastopoulos | Olympiacos | 16 |
| 2 | Dimitris Saravakos | Panathinaikos | 13 |
| Giorgos Vlastos | OFI | ||
| Misho Vulchev | Doxa Drama | ||
| 5 | Sakis Anastasiadis | Iraklis | 10 |
| Panagiotis Tsalouchidis | Veria | ||
| 7 | Giorgos Skartados | PAOK | 8 |
| Christos Dimopoulos | Panathinaikos | ||
| Kostas Batsinilas | Panathinaikos | ||
| Giorgos Christofis | Diagoras |