1986 Murray State Racers football team

The 1986 Murray State Racers football team represented Murray State University as a member of the Ohio Valley Conference (OVC) during the 1986 NCAA Division I-AA football season. Led by sixth-year head coach Frank Beamer, the Racers compiled an overall record of 7–4–1 with a mark of 6–1 in conference play, and sharing the OVC title with Eastern Kentucky. Murray State advanced to the NCAA Division I-AA Championship playoffs, where the Racers lost to Eastern Illinois in the first round.