The tournament was held from 13 to 23 August 1986, and was incorporated into the 1986 World Aquatics Championships in Madrid, Spain.

[1] This was the only men's world championship to have featured fifteen teams instead of the usual sixteen.

Yugoslavia won its first title by defeating Italy in the final.

Dragan Andrić, Perica Bukić, Veselin Đuho, Milorad Krivokapić, Deni Lušić, Igor Milanović, Tomislav Paškvalin, Zoran Petrović, Andrija Popović, Dubravko Šimenc, Aleksandar Šoštar, Anto Vasović, Mirko Vičević.

Dragan Andrić Perica Bukić Veselin Đuho Milorad Krivokapić Deni Lušić Igor Milanović Tomislav Paškvalin Zoran Petrović Andrija Popović Dubravko Šimenc Aleksandar Šoštar Anto Vasović Mirko VičevićHead coach: Ratko Rudić Gianni Averaimo Antonello Steardo Sandro Campagna Andrea Pisano Paolo Trapanese Massimiliano Ferretti Marco D'Altrui Paolo Caldarella Mario Fiorillo Ricardo Tempestini Francesco Porzio Stefano Postiglione Alfio MissagiHead coach: Federico "Fritz" Dennerlein Serghei Marcoci Nikolai Smirnov Yevgeny Sharonov Nikolay Sharafeyev Mikhail Ivanov Sergey Kotenko Dmitry Apanasenko Viktor Berendyuha Pavel Prokopchuk Yevgeny Grishin Sergey Naumov Giorgi Mshvenieradze Nurlan MendygaliyevHead coach: Aleksandr Kabanov