Rangers played a total of 56 competitive matches during the 1986–87 season. The team finished top of the Scottish Premier Division for the first time in nine seasons. A total of 69 points were gained from 44 games and a lead of six points over second placed Celtic.

In the cup competitions, they were knocked out of the Scottish Cup in the third round, losing 1–0 at Ibrox to Hamilton Academical. They won the League Cup, defeating Celtic 2–1 with goals from Ian Durrant and Davie Cooper.

The European campaign was a moderate success. The club reached the third round of the UEFA Cup after beating Ilves Tampere and Boavista before beating knocked out by Borussia Mönchengladbach on the away goals rule.

All results are written with Rangers' score first.

*Rangers won the match 5–4 on penalties

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