The 1986 Copa Libertadores was the 27th edition of the Copa Libertadores, CONMEBOL's annual international club tournament.

The representatives of Venezuela, Estudiantes de Mérida and Unión Atlético Táchira, did not participate upon the Venezuelan Football Federation's suspension by FIFA.

The champions and runners-up of each football association were drawn into the same group along with another football association's participating teams.

Three clubs from Argentina competed as Argentinos Juniors was champion of the 1985 Copa Libertadores.

River Plate won 3–1 on aggregate.