The 1986–87 Terceira Divisão season was the 40th season of the competition and the 40th season of recognised third-tier football in Portugal.
Overview The league was contested by 96 teams distributed across 6 groups of 16 teams each. SC Vianense, F.C. Marco, Oliveira do Bairro S.C., Caldas S.C., G.D.P. Costa de Caparica, and Louletano D.C. won their respective groups and advanced to the Championship play-off. Louletano D.C. was the overall champion after defeating F.C. Marco 1–0 in the Championship final.
Due to the league's enlargement to 120 teams in 1987–88, no team was relegated this season.
League standings Terceira Divisão – Group 1
Terceira Divisão – Group 2
Terceira Divisão – Group 3
Terceira Divisão – Group 4
Terceira Divisão – Group 5
Terceira Divisão – Group 6
Championship play-off Championship play-off – Zone 1
Championship play-off – Zone 2
Championship final
Footnotes