1986 Icelandic Cup

The 1986 Icelandic Cup was the 27th edition of the National Football Cup.

It took place between 22 May 1984 and 31 August 1986, with the final played at Laugardalsvöllur in Reykjavik. The cup was important, as winners qualified for the UEFA Cup Winners' Cup (if a club won both the league and the cup, the defeated finalists would take their place in the Cup Winners' Cup).

The 10 clubs from the 1. Deild entered in the last 16, with clubs from lower tiers entering in the three preliminary rounds. Teams played one-legged matches. In case of a draw, a penalty shoot-out took place (there were no replays, unlike in previous years).

Fram failed to retain the trophy, losing to ÍA in the final. They won their fifth Icelandic Cup, and so qualified for Europe.

First round

 * colspan="3" style="background-color:#97DEFF"|27 May 1986


 * colspan="3" style="background-color:#97DEFF"|28 May 1986
 * colspan="3" style="background-color:#97DEFF"|28 May 1986


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Second round

 * colspan="3" style="background-color:#97DEFF"|10 June 1986


 * colspan="3" style="background-color:#97DEFF"|11 June 1986
 * colspan="3" style="background-color:#97DEFF"|11 June 1986


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Third round

 * colspan="3" style="background-color:#97DEFF"|1 July 1986


 * colspan="3" style="background-color:#97DEFF"|2 July 1986
 * colspan="3" style="background-color:#97DEFF"|2 July 1986


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Fourth round

 * Entry of ten teams from the 1. Deild


 * colspan="3" style="background-color:#97DEFF"|9 July 1986


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Quarter-finals

 * colspan="3" style="background-color:#97DEFF"|23 July 1986


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Semi-finals

 * colspan="3" style="background-color:#97DEFF"|13 August 1986


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Final

 * Fram won their fifth Icelandic Cup, and qualified for the 1987–88 European Cup Winners' Cup.