1986–87 SM-liiga season

The 1986–87 SM-liiga season was the 12th season of the SM-liiga, the top level of ice hockey in Finland. 10 teams participated in the league, and Tappara Tampere won the championship.

Semifinal

 * Kärpät - HIFK 3:1 (3:2, 1:6, 8:4, 4:2)
 * Tappara - TPS 3:1 (3:2, 1:6, 8:4, 4:2)

3rd place

 * TPS - HIFK 1:5

Final

 * Kärpät - Tappara 1:4 (3:5, 4:6, 5:1, 3:6, 2:5)