The 1986–87 Yugoslav Second League season was the 41st season of the Second Federal League (), the second level association football competition of SFR Yugoslavia, since its establishment in 1946. The league was contested in two regional groups (West Division and East Division), with 18 clubs each.
West Division
Teams A total of eighteen teams contested the league, including thirteen sides from the 1985–86 season, one club relegated from the 1985–86 Yugoslav First League and four sides promoted from the Inter-Republic Leagues played in the 1985–86 season. The league was contested in a double round robin format, with each club playing every other club twice, for a total of 34 rounds. Two points were awarded for wins and one point for draws.
Vojvodina were relegated from the 1985–86 Yugoslav First League after finishing in the 18th place of the league table. The four clubs promoted to the second level were Sloga Doboj, Maribor, Mladost Petrinja and Dinamo Pančevo.
Team Location Federal subject Positionin 1985–86Borac Banja LukaBanja Luka01212thDinamo PančevoPančevo SAP VojvodinaGOŠK-JugDubrovnik01111thFamos HrasnicaHrasnica01414thIskraBugojno0022ndJedinstvo BrčkoBrčko0055thKikindaKikinda SAP Vojvodina0088thLeotarTrebinje0033rdMariborMariborMladost PetrinjaPetrinjaNovi SadNovi Sad SAP Vojvodina0077thProleter ZrenjaninZrenjanin SAP Vojvodina0044thRudar LjubijaPrijedor0066thSloga DobojDobojRNK SplitSplit01313thŠibenikŠibenik0099thVojvodinaNovi Sad SAP VojvodinaVrbasTitov Vrbas SAP Vojvodina01010th
League table
East Division
Teams A total of eighteen teams contested the league, including thirteen sides from the 1985–86 season, one club relegated from the 1985–86 Yugoslav First League and four sides promoted from the Inter-Republic Leagues played in the 1985–86 season. The league was contested in a double round robin format, with each club playing every other club twice, for a total of 34 rounds. Two points were awarded for wins and one point for draws.
OFK Belgrade were relegated from the 1985–86 Yugoslav First League after finishing in the 17th place of the league table. The four clubs promoted to the second level were Bokelj, Majdanpek, Pobeda and Vlaznimi Đakovica.
Team Location Federal subject Positionin 1985–86BelasicaStrumica01313thOFK BelgradeBelgradeBokeljKotorBorac ČačakČačak0055thIvangradIvangrad01010thMajdanpekMajdanpekNapredak KruševacKruševac01111thNovi PazarNovi Pazar0044thPelisterBitola0066thPobedaPrilepRadBelgrade0022ndRadnički KragujevacKragujevac0033rdRadnički PirotPirot01212thCrvena Zvezda GnjilaneGnjilane SAP Kosovo01414thSloboda Titovo UžiceTitovo Užice0088thTeteksTetovo0077thTrepcaKosovska Mitrovica SAP Kosovo0099thVlaznimi ĐakovicaĐakovica SAP Kosovo
League table
See also 1986–87 Yugoslav First League 1986–87 Yugoslav Cup