The season saw the beginning of a decade-long period of expansion of the Victorian league to the rest of Australia, with the admission of two newly established clubs: the West Coast Eagles, based in Perth, Western Australia, and the Brisbane Bears, based in South East Queensland.
While the league remained the highest level senior Australian rules football competition and administrative body in Victoria, it also became the de facto highest level senior competition in Australia, with representation across four states.
The premiership was won by the Carlton Football Club for the 15th time, after it defeated Hawthorn by 33 points in the 1987 VFL Grand Final.
Melbourne defeated Essendon 8.10 (58) to 8.6 (54), to win the Night Series Grand Final at VFL Park.
The final round of the 1987 VFL home-and-away season turned out to be one of the most dramatic and significant in VFL/AFL history.