The 1987–88 Yugoslav First League season was the 42nd season of the First Federal League (Serbo-Croatian: Prva savezna liga), the top level association football competition of SFR Yugoslavia, since its establishment in 1946.
The season began on 2 August 1987 and ended on 12 June 1988.
Red Star led by Velibor Vasović won their 16th title with a single points ahead of previous season's champions Partizan.
A total of eighteen teams contested the league, including sixteen sides from the 1986–87 season and two sides promoted from the 1986–87 Yugoslav Second League (YSL) as winners of the two second level groups East and West.
The two clubs promoted to top level were Vojvodina and Rad.