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.

Qualified teams

Draw

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.

Group stage

Group 1

Group 2

Group 3

Group 4

Group 5

Semifinals

Group 1

Tiebreaker

Group 2

Finals

1st leg

2nd leg

River Plate won 3–1 on aggregate.