The 1986 Federation Cup was the 24th edition of the most important competition between national teams in women's tennis.

The United States defeated three-time defending champions Czechoslovakia in the final (in what was a rematch of last year's final), giving the USA their 12th title.

The finals marked Martina Navratilova's first return to Czechoslovakia since her defection to the United States in 1975.

All ties were played at I. ČLTK Prague in Prague, Czechoslovakia, on clay courts.

Winning nations advance to Main Draw, losing nations play in Consolation rounds.