The 1986 FA Charity Shield was the 64th Charity Shield, a football match contested by the holders of the Football League First Division and FA Cup. This edition featured a Merseyside derby between Liverpool and Everton at Wembley Stadium. Liverpool achieved a First Division and FA Cup double in 1985–86 so they faced Everton who finished as runners-up in the League. The match was played on 16 August 1986.

The Merseyside derby is the name given to association football matches between Everton and Liverpool, two clubs based in Liverpool, Merseyside, England. It is the longest running top-flight derby in England, with its first official match being played on 13 October 1894. The derby has been played continuously since the 1962–63 season. Part of the rivalry is due to the close proximity of the two clubs' home grounds, being less than a mile apart and within sight of each other across Stanley Park. Everton play their home matches at Goodison Park, while Liverpool play theirs at Anfield.