1986–87 was the 12th season that Division 1 operated as the second tier of ice hockey in Sweden, below the top-flight Elitserien (now the Swedish Hockey League).
Division 1 was divided into four starting groups of 10 teams each.
The teams were given zero to seven bonus points based on their finish in the first round.
The last-place team in each of the qualifying groups had to play in a relegation series in an attempt to avoid relegation to Division 2.
The third to sixth place teams in the Allsvenskan qualified for the playoffs.