The 1987 Winfield Australian Masters was a professional non-ranking snooker tournament that took place between 29 June and 8 July 1987 at the North Sydney Anzac Memorial Club in Sydney, Australia Stephen Hendry won the tournament by defeating Mike Hallett 371–226 in the final.

The withdrawn players were replaced by Hendry, Dene O'Kane, Dean Reynolds, Mike Hallett, Eugene Hughes, Alex Higgins and John Parrott.

Following a first round win over John Campbell, Hendry defeated top seed Thorburn in the quarter-finals, and Higgins in the semi-final.

In the other half of the draw, Hallett beat Hughes in the first round, then having led Johnson by 86 going into the last of their five frames, won that match by seven points.

[4][5] Until 1983, matches were of a single {{cuegloss|frame]], like the BBC TV show Pot Black, with the final decided on the aggregate score over three frames.

[1] The withdrawn players, who were Taylor, Steve Davis, Jimmy White, Willie Thorne, Terry Griffiths, Neal Foulds and Tony Meo, were replaced by Hendry, Dene O'Kane, Dean Reynolds, Mike Hallett, Eugene Hughes, Alex Higgins and John Parrott.

[4] The total prize fund for was $200,000, awarded as shown below:[4] Hendry led throughout his match against Higgins, and had breaks of 55, 46, 64 and 34 during the first four frames.