The 1986 Asia Cup (also known as the John Player Gold Leaf Trophy) was the second Asia Cup tournament, and was held in Sri Lanka between March 30 and April 6.

Three teams took part in the tournament: Pakistan, Sri Lanka and Asian leading associate member Bangladesh.

India pulled out of the tournament due to strained cricketing relations with Sri Lanka and was replaced by Asian leading associate nation Bangladesh, which had qualified by winning the 1984 South-East Asia Cup.

Pakistan won both its matches and qualified for the final against Sri Lanka.

Sri Lanka beat Pakistan to win their first Asia Cup.