| Tourney Name: | Copa Libertadores de América |
| Year: | 1987 |
| Dates: | March 6 – October 31 |
| Num Teams: | 21 |
| Associations: | 10 |
| Champion Other: | Peñarol |
| Count: | 5 |
| Second Other: |  América de Cali |
| Matches: | 76 |
| Goals: | 207 |
| Top Scorer: |  Ricardo Gareca (7 Goals) |
| Prevseason: | 1986 |
| Nextseason: | 1988 |
The 1987 Copa Libertadores was the 28th edition of the Copa Libertadores, CONMEBOL's annual international club tournament. Peñarol won the competition for their fifth title after beating América de Cali in the finals.
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 River Plate was champion of the 1986 Copa Libertadores. They entered the tournament in the Semifinals.
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See main article: 1987 Copa Libertadores Finals.
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Paraguay