The 1986 Copa Libertadores was the 27th edition of the Copa Libertadores, CONMEBOL's annual international club tournament. River Plate won the competition for the first time ever.
The champions and runners-up of each football association were drawn into the same group along with another football association's participating teams. Three clubs from Argentina competed as Argentinos Juniors was champion of the 1985 Copa Libertadores. They entered the tournament in the Semifinals.