| Wednesday 17th September 1986 | |||
| 1st Leg | |||
| Anderlecht | 2-0 | Gornik Zabrze | |
| Apoel Nicosia | 1-0 | HJK Helsinki | |
| Avenir Beggen | 0-3 | Austria Vienna | |
| Beroe Stara Zagora | 1-1 | Dinamo Kiev | |
| Besiktas | 2-0 | Dinamo Tirana | |
| Brondby | 4-1 | Honved | |
| FC Porto | 9-0 | Rabat Ajax | |
| Juventus | 7-0 | Valur Reykjavik | |
| Orgryte | 2-3 | Dynamo Berlin | |
| Paris Saint-Germain | 2-2 | TJ Vitkovice | |
| PSV Eindhoven | 0-2 | Bayern Munich | |
| Red Star Belgrade | 3-0 | Panathinaikos | |
| Rosenborg | 1-0 | Linfield | |
| Shamrock Rovers | 0-1 | Celtic | |
| Young Boys | 1-0 | Real Madrid | |
| Wednesday 1st October 1986 | |||
| 2nd Leg | |||
| Austria Vienna | 3-0 | Avenir Beggen | (6-0) |
| Bayern Munich | 0-0 | PSV Eindhoven | (2-0) |
| Celtic | 2-0 | Shamrock Rovers | (3-0) |
| Dinamo Kiev | 2-0 | Beroe Stara Zagora | (3-1) |
| Dinamo Tirana | 0-1 | Besiktas | (0-3) |
| Dynamo Berlin | 4-1 | Orgryte | (7-3) |
| Gornik Zabrze | 1-1 | Anderlecht | (1-3) |
| HJK Helsinki | 3-2 | Apoel Nicosia | (3-3) |
| (Apoel Nicosia won on away goals) | |||
| Honved | 2-2 | Brondby | (3-6) |
| Linfield | 1-1 | Rosenborg | (1-2) |
| Panathinaikos | 2-1 | Red Star Belgrade | (2-4) |
| Rabat Ajax | 0-1 | FC Porto | (0-10) |
| Real Madrid | 5-0 | Young Boys | (5-1) |
| TJ Vitkovice | 1-0 | Paris Saint-Germain | (3-2) |
| Valur Reykjavik | 0-4 | Juventus | (0-11) |
