| Tourney Name: | Copa Libertadores de América |
| Year: | 1986 |
| Dates: | March 12 – October 29 |
| Num Teams: | 19 |
| Associations: | 9 |
| Champion Other: |  River Plate |
| Count: | 1 |
| Second Other: |  América de Cali |
| Matches: | 65 |
| Goals: | 170 |
| Top Scorer: | Juan Carlos de Lima (9 goals) |
| Prevseason: | 1985 |
| Nextseason: | 1987 |
The 1986 Copa Libertadores was the 27th edition of the Copa Libertadores, CONMEBOL's annual international club tournament. River Plate won the competition for their first ever title, after winning the first leg 2–1 and the second leg 1–0.
The representatives of Venezuela, Estudiantes de Mérida and Unión Atlético Táchira, did not participate upon the Venezuelan Football Federation's suspension by FIFA.
| width=125 | Country | width=150 | Team | width=300 | Qualification method |
|---|---|---|---|---|---|
| CONMEBOL (1 berth) | Argentinos Juniors | 1985 Copa Libertadores champion | |||
| Argentina (2 berths) | River Plate | 1985–86 Primera División champion | |||
| Boca Juniors | 1985–86 Liguilla Pre-Libertadores winner | ||||
(2 berths) | Bolívar | 1985 Primera División champion | |||
| Jorge Wilstermann | 1985 Primera División runner-up | ||||
(2 berths) | Coritiba | 1985 Campeonato Brasileiro Série A champion | |||
| Bangu | 1985 Campeonato Brasileiro Série A runner-up | ||||
(2 berths) | Cobresal | 1985 Pre-Copa Libertadores play-off winner | |||
| Universidad Católica | 1985 Liguilla Pre-Copa Libertadores winner | ||||
(2 berths) | América de Cali | 1985 Campeonato Profesional champion | |||
| Deportivo Cali | 1985 Campeonato Profesional runner-up | ||||
(2 berths) | Barcelona | 1985 Campeonato Ecuatoriano champion | |||
| Deportivo Quito | 1985 Campeonato Ecuatoriano runner-up | ||||
 Paraguay(2 berths) | Olimpia | 1985 Primera División champion | |||
| Nacional | 1985 Primera División runner-up | ||||
(2 berths) | Universitario | 1985 Primera División champion | |||
| UTC | 1985 Primera División runner-up | ||||
(2 berths) | Peñarol | 1985 Liguilla Pre-Libertadores winner | |||
| Montevideo Wanderers | 1985 Liguilla Pre-Libertadores runner-up | ||||
The champions and runners-up of each football association were drawn into the same group along with another football association's participating teams. Three clubs from Argentina competed as Argentinos Juniors was champion of the 1985 Copa Libertadores. They entered the tournament in the Semifinals.
|-
|-|}
See main article: 1986 Copa Libertadores Finals.
River Plate won 3–1 on aggregate.