The 1987 Mr. Olympia contest was an IFBB professional bodybuilding competition held on October 31, 1987, at the Scandinavium in Gothenburg, Sweden.
Total prize money awarded was $120,000.
| Place | Prize | Name | |
|---|---|---|---|
| 1 | $55,000 |  Lee Haney[1] | |
| 2 | $25,000 | Rich Gaspari | |
| 3 | $13,000 | Lee Labrada | |
| 4 | $9,000 | Mike Christian | |
| 5 | $6,000 | Robby Robinson | |
| 6 | $4,000 |  Berry DeMey | |
| 7 |  Albert Beckles | ||
| 8 |  Edward Kawak | ||
| 9 | Ron Love | ||
| 10 | Michael Ashley | ||
| 11 | John Hnatyschak | ||
| 12 |  Bertil Fox | ||
| 13 |  Peter Hensel | ||
| 14 |  Paul Jean-Guillaume | ||
| 15 | Josef Grolmus | ||
| 16 |  Ulf Larsson | ||
| 17 | Herman Hoffend | ||
| 18 |  Steve Brisbois |