The 1986–87 Yugoslav Second League season was the 41st season of the Second Federal League (Serbo-Croatian: Druga savezna liga), the second level association football competition of SFR Yugoslavia, since its establishment in 1946.
A total of eighteen teams contested the league, including thirteen sides from the 1985–86 season, one club relegated from the 1985–86 Yugoslav First League and four sides promoted from the Inter-Republic Leagues played in the 1985–86 season.
The four clubs promoted to the second level were Sloga Doboj, Maribor, Mladost Petrinja and Dinamo Pančevo.
A total of eighteen teams contested the league, including thirteen sides from the 1985–86 season, one club relegated from the 1985–86 Yugoslav First League and four sides promoted from the Inter-Republic Leagues played in the 1985–86 season.
The four clubs promoted to the second level were Bokelj, Majdanpek, Pobeda and Vlaznimi Đakovica.