Toney Anaya Democratic Garrey Carruthers Republican The 1986 New Mexico gubernatorial election took place on November 4, 1986, in order to elect the governor of New Mexico.

Due to term limits, incumbent Democratic governor Toney Anaya was ineligible to seek a second term as governor.

This was the last time until 2022, that the state elected a governor of the same party as the sitting president.

Ray Powell was unopposed in the Democratic primary.

[1] The Republican primary was won by former New Mexico Republican Party chair Garrey Carruthers, who defeated five other candidates.