The winners, Real Sociedad, qualified for the 1987–88 European Cup Winners' Cup.
The competition began on 17 September 1986 and concluded on 27 June 1987 with the final.
17 September 1986 Bye: San Sebastián CF, Valladolid Promesas, Atlético Astorga CF, Mallorca Atlético, CD Roquetas, UE Lleida, CD Olímpic de Xàtiva, Cartagena FC, CD Rayo Cantabria 1 October 1986 Bye: Bilbao Athletic, Atlético Baleares, Atlético Marbella, UD Montijo, Real Balompédica Linense, Deportivo de La Coruña, UP Langreo.
Bye: Athletic Bilbao, Atlético de Madrid, FC Barcelona, Real Madrid CF, Real Zaragoza.
Results of matches played: 14 October / October 22 Bye: CD Eldense, SD Eibar, Athletic Bilbao, Atlético de Madrid, FC Barcelona, Real Madrid CF, Real Zaragoza.