| Year: | 1986 |
| Team: | Murray State Racers |
| Sport: | football |
| Conference: | Ohio Valley Conference |
| Short Conf: | OVC |
| Record: | 7–4–1 |
| Conf Record: | 6–1 |
| Head Coach: | Frank Beamer |
| Hc Year: | 6th |
| Stadium: | Roy Stewart Stadium |
| Champion: | OVC co-champion |
| Bowl: | NCAA Division I-AA First Round |
| Bowl Result: | L 21–28 at Eastern Illinois |
The 1986 Murray State Racers football team represented Murray State University as a member of the Ohio Valley Conference (OVC) during the 1986 NCAA Division I-AA football season. Led by sixth-year head coach Frank Beamer, the Racers compiled an overall record of 7–4–1 with a mark of 6–1 in conference play, and sharing the OVC title with Eastern Kentucky. Murray State advanced to the NCAA Division I-AA Championship playoffs, where the Racers lost to Eastern Illinois in the first round.