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The 1986 season of 1. deild karla was the 32nd season of second-tier football in Iceland. [1]
| Pos | Team | Pld | W | D | L | GF | GA | GD | Pts | Promotion or relegation |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Völsungur | 18 | 12 | 2 | 4 | 38 | 15 | +23 | 38 | Promoted to 1987 Úrvalsdeild |
| 2 | KA | 18 | 11 | 4 | 3 | 54 | 15 | +39 | 37 | |
| 3 | Víkingur R. | 18 | 10 | 4 | 4 | 47 | 20 | +27 | 34 | |
| 4 | Selfoss | 18 | 9 | 4 | 5 | 33 | 16 | +17 | 31 | |
| 5 | Einherji | 18 | 9 | 2 | 7 | 28 | 24 | +4 | 29 | |
| 6 | KS | 18 | 8 | 4 | 6 | 32 | 23 | +9 | 28 | |
| 7 | Þróttur R. | 18 | 8 | 2 | 8 | 43 | 29 | +14 | 26 | |
| 8 | ÍBÍ | 18 | 4 | 6 | 8 | 27 | 35 | −8 | 18 | |
| 9 | Njarðvík | 18 | 4 | 2 | 12 | 27 | 57 | −30 | 14 | Relegated to 1987 2. deild |
| 10 | Skallagrímur | 18 | 0 | 0 | 18 | 4 | 99 | −95 | 0 |
| Scorer | Goals | Team |
|---|---|---|
 | 28 | KA |
| | 17 | Víkingur R. |
| | 13 | Þróttur R. |
| | 12 | Selfoss |
| | 12 | Þróttur R. |
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