In the 1985–86 season Panathinaikos played for 27th consecutive time in Greece's top division, the Alpha Ethniki.

They also competed in the UEFA Cup and the Greek Cup.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.

Players may hold more than one non-FIFA nationality.

The 44th Greek Cup Final was played at the Athens Olympic Stadium "Spyridon Louis".