The 1986–87 NCAA Division I men's ice hockey season began in October 1986 and concluded with the 1987 NCAA Division I Men's Ice Hockey Tournament's championship game on March 28, 1987 at the Joe Louis Arena in Detroit, Michigan. This was the 40th season in which an NCAA ice hockey championship was held and is the 93rd year overall where an NCAA school fielded a team.

The Hobey Baker Award is an annual award given to the top National Collegiate Athletic Association men's ice hockey player. It has been awarded 44 times. It is named for Hall of Famer Hobey Baker, who played college hockey at Princeton University and died shortly after World War I.