The 1986 Memorial Cup occurred May 10–17 at the Memorial Coliseum in Portland, Oregon. It was the 68th annual Memorial Cup competition and determined the major junior ice hockey champion of the Canadian Hockey League (CHL). Hosting rights were originally awarded to the Queen's Park Arena and the New Westminster Bruins, but staging the tournament alongside Expo '86 in Vancouver proved logistically impossible and so the tournament was moved to Portland for the second time in three years. Participating teams were the host team Portland Winter Hawks, as well as the winners of the Western Hockey League, Ontario Hockey League and Quebec Major Junior Hockey League which were the Kamloops Blazers, Guelph Platers and Hull Olympiques. The Platers won their first Memorial Cup, and the city's second Memorial Cup, defeating Hull in the final game.

The Ontario Hockey League is one of the three major junior ice hockey leagues which constitute the Canadian Hockey League. The league is for players aged 16–20. There are currently 20 teams in the OHL: seventeen in Ontario, two in Michigan, and one in Pennsylvania.