| Competition: | Cypriot First Division |
| Season: | 1986–87 |
| Winners: | Omonia (15th title) |
| Continentalcup1: | European Cup |
| Continentalcup1 Qualifiers: | Omonia (1st round) |
| Continentalcup2: | UEFA Cup |
| Continentalcup2 Qualifiers: | EPA (1st round) |
| Continentalcup3: | Cup Winners' Cup |
| Continentalcup3 Qualifiers: | AEL (1st round; via Cypriot Cup) |
| League Topscorer: | Spas Dzhevizov (32 goals)[1] |
| Matches: | 240 |
| Total Goals: | 677 |
| Prevseason: | 1985–86 |
| Nextseason: | 1987–88 |
The 1986–87 Cypriot First Division was the 48th season of the Cypriot top-level football league. Omonia won their 15th title.
Sixteen teams participated in the 1986–87 Cypriot First Division. All teams played against each other twice, once at their home and once away. The team with the most points at the end of the season crowned champions. The last two teams were relegated to the 1987–88 Cypriot Second Division.
The champions ensured their participation in the 1987–88 European Cup and the runners-up in the 1987–88 UEFA Cup.
No team was relegated from the previous season. The first two teams of the 1985–86 Cypriot Second Division, Ethnikos Achna and Omonia Aradippou were promoted and added to the First Division.