The 1986–87 Southern Football League season was the 84th in the history of the league, an English football competition.
Fisher Athletic won the Premier Division and earned promotion to the Football Conference, whilst Basingstoke Town, Leamington and Woodford Town left the league at the end of the season.
The Southern League Cup was lifted by Waterlooville, who won both legs of the final against Hednesford Town.
The Midland Division consisted of 20 clubs, including 18 clubs from the previous season and two new clubs: At the end of the season Grantham was renamed Grantham Town.
The Southern Division consisted of 20 clubs, including 19 clubs from the previous season and one new club: At the end of the season Burnham & Hillingdon changed name to Burnham.