The 1986 Oklahoma State Cowboys football team represented Oklahoma State University in the Big Eight Conference during the 1986 NCAA Division I-A football season.

In their third season under head coach Pat Jones, the Cowboys compiled a 6–5 record (4–3 against conference opponents), finished in fourth place in the conference, and were outscored by opponents by a combined total of 191 to 181.

[1][2] The team's statistical leaders included Thurman Thomas with 741 rushing yards, Mike Gundy with 1,525 passing yards, and Hart Lee Dykes with 814 receiving yards and 42 points scored.

[3][4] The team played its home games at Lewis Field in Stillwater, Oklahoma.

[5] In the second ever night game at Memorial Stadium, Nebraska won for the 25th straight time over the Cowboys.