| Tournament details | |
|---|---|
| Dates | 18 September 1985 – 2 May 1986 | 
| Teams | 31 | 
| Final positions | |
| Champions | |
| Runners-up | |
| Tournament statistics | |
| Matches played | 59 | 
| Goals scored | 191 (3.24 per match) | 
| Attendance | 1,423,930 (24,134 per match) | 
| Top scorer(s) | Igor Belanov (Dynamo Kyiv) Oleg Blokhin (Dynamo Kyiv) Frank Lippmann (Dynamo Dresden) Oleksandr Zavarov (Dynamo Kyiv) 5 goals each  | 
The 1985–86 European Cup Winners' Cup was won by Dynamo Kyiv in the final against Atlético Madrid. It was their second title in the competition, and first since 1975.
Reigning champions Everton, who initially qualified for the European Cup instead as the 1984–85 Football League champions, and 1985 FA Cup winners Manchester United missed out on European football due to the newly enacted five-year ban on English clubs participating in Europe, following the Heysel Stadium disaster on 29 May 1985.
CSKA Sofia were barred from entering after the riots during the Bulgarian Cup final.
First round
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Rapid Wien  | 
6–1 | 5–0 | 1–1 | |
| Fram Reykjavík  | 
3–2 | 3–1 | 0–1 | |
| AS Monaco  | 
2–3 | 2–0 | 0–3 | |
| Utrecht  | 
3–5 | 2–1 | 1–4 | |
| AEL Limassol  | 
2–6 | 2–2 | 0–4 | |
| AIK  | 
13–0 | 8–0 | 5–0 | |
| AEL  | 
1–2 | 1–1 | 0–1 | |
| Lyngby  | 
4–2 | 1–0 | 3–2 | |
| Red Star Belgrade  | 
4–2 | 2–0 | 2–2 | |
| Fredrikstad  | 
1–1 (a) | 1–1 | 0–0 | |
| Atlético Madrid  | 
3–2 | 1–1 | 2–1 | |
| HJK Helsinki  | 
5–3 | 3–2 | 2–1 | |
| Cercle Brugge  | 
4–4 (a) | 3–2 | 1–2 | |
| Żurrieq  | 
0–12 | 0–3 | 0–9 | |
| Galatasaray  | 
2–2 (a) | 1–0 | 1–2 | 
First leg
| Rapid Wien  | 5–0 | |
|---|---|---|
| Halilović  Kienast Krankl  | 
Report | 
| Fram Reykjavík  | 3–1 | |
|---|---|---|
| Torfason  Thorkelsson  | 
Report | Bowers  | 
| AS Monaco  | 2–0 | |
|---|---|---|
| Bellone  Genghini  | 
Report | 
| Utrecht  | 2–1 | |
|---|---|---|
| Kruys  van Loen  | 
Report | Demyanenko  | 
| AEL Limassol  | 2–2 | |
|---|---|---|
| Savva  Farkaš  | 
Report | Korejčík  Pelc  | 
| AIK  | 8–0 | |
|---|---|---|
| Andersson  Dahlkvist Bergman Lundmark Zetterlund Johansson  | 
Report | 
| AEL  | 1–1 | |
|---|---|---|
| Mitsibonas  | 
Report | Mancini  | 
| Lyngby  | 1–0 | |
|---|---|---|
| Christensen  | 
Report | 
| Red Star Belgrade  | 2–0 | |
|---|---|---|
| Musemić  Ǵurovski  | 
Report | 
| Fredrikstad  | 1–1 | |
|---|---|---|
| Deunk  | 
Report | Williams  | 
| Atlético Madrid  | 1–1 | |
|---|---|---|
| Setién  | 
Report | Johnston  | 
| HJK Helsinki  | 3–2 | |
|---|---|---|
| Muhonen  Kanerva Rantanen  | 
Report | Muça  Bubeqi  | 
| Cercle Brugge  | 3–2 | |
|---|---|---|
| Vanthournout  Raes Krnčević  | 
Report | Trautmann  Kirsten  | 
| Żurrieq  | 0–3 | |
|---|---|---|
| Report | F. Funkel  Guðmundsson  | 
| Galatasaray  | 1–0 | |
|---|---|---|
| Önal  | 
Report | 
Second leg
| Tatabányai Bányász  | 1–1 | |
|---|---|---|
| Schmidt  | 
Report | Weinhofer  | 
| Dynamo Kyiv  | 4–1 | |
|---|---|---|
| Blokhin  Yaremchuk Zavarov Yevtushenko  | 
Report | de Kruijk  | 
Dynamo Kyiv won 5–3 on aggregate.
| Dukla Prague  | 4–0 | |
|---|---|---|
| Luhový  Pelc Vízek  | 
Report | 
| Red Boys Differdange  | 0–5 | |
|---|---|---|
| Report | Sundin  Bergman Göransson Andersson Johansson  | 
| Galway United  | 2–3 | |
|---|---|---|
| Murphy  Bonner  | 
Report | Christensen  Schäfer Lyng  | 
| Bangor City  | 0–0 | |
|---|---|---|
| Report | 
| KS Flamurtari  | 1–2 | |
|---|---|---|
| Ruci  | 
Report | Valla  | 
| Dynamo Dresden  | 2–1 | |
|---|---|---|
| Pilz  Lippmann  | 
Report | Krnčević  | 
| Bayer Uerdingen  | 9–0 | |
|---|---|---|
| Bommer  F. Funkel Raschid Loontiens Puszamszies Feilzer  | 
Report | 
| Widzew Łódź  | 2–1 | |
|---|---|---|
| Cisek  Leszczyk  | 
Report | Keser  | 
Second round
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Rapid Wien  | 
4–2 | 3–0 | 1–2 | |
| Universitatea Craiova  | 
2–5 | 2–2 | 0–3 | |
| Dukla Prague  | 
3–2 | 1–0 | 2–2 | |
| Benfica  | 
2–1 | 2–0 | 0–1 | |
| Lyngby  | 
3–5 | 2–2 | 1–3 | |
| Bangor City  | 
0–3 | 0–2 | 0–1 | |
| HJK Helsinki  | 
3–7 | 1–0 | 2–7 | |
| Bayer Uerdingen  | 
3–1 | 2–0 | 1–1 | 
First leg
| Rapid Wien  | 3–0 | |
|---|---|---|
| Kranjčar  Pacult  | 
Report | 
| Universitatea Craiova  | 2–2 | |
|---|---|---|
| Bâcu  | 
Report | Zavarov  | 
| Dukla Prague  | 1–0 | |
|---|---|---|
| Korejčík  | 
Report | 
| Benfica  | 2–0 | |
|---|---|---|
| Diamantino  Rui Águas  | 
Report | 
| Lyngby  | 2–2 | |
|---|---|---|
| Christensen  Spangsborg  | 
Report | Ǵurovski  Mrkela  | 
| Bangor City  | 0–2 | |
|---|---|---|
| Report | da Silva  Setién  | 
| HJK Helsinki  | 1–0 | |
|---|---|---|
| Lee  | 
Report | 
| Bayer Uerdingen  | 2–0 | |
|---|---|---|
| Schäfer  Bommer  | 
Report | 
Second leg
| Fram Reykjavík  | 2–1 | |
|---|---|---|
| Jónsson  Torfason  | 
Report | Pacult  | 
| Dynamo Kyiv  | 3–0 | |
|---|---|---|
| Rats  Belanov Demyanenko  | 
Report | 
Dynamo Kyiv won 5–2 on aggregate.
| AIK  | 2–2 | |
|---|---|---|
| Dahlkvist  Zetterlund  | 
Report | Vízek  | 
| Atlético Madrid  | 1–0 | |
|---|---|---|
| Landáburu  | 
Report | 
| Dynamo Dresden  | 7–2 | |
|---|---|---|
| Sammer  Lippmann Trautmann Pilz Kirsten  | 
Report | Lee  Valvee  | 
| Galatasaray  | 1–1 | |
|---|---|---|
| Prekazi  | 
Report | Herget  | 
Quarter-finals

| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Rapid Wien  | 
2–9 | 1–4 | 1–5 | |
| Dukla Prague  | 
2–2 (a) | 1–0 | 1–2 | |
| Red Star Belgrade  | 
1–3 | 0–2 | 1–1 | |
| Dynamo Dresden  | 
5–7 | 2–0 | 3–7 | 
First leg
| Rapid Wien  | 1–4 | |
|---|---|---|
| Willfurth  | 
Report | Belanov  Rats Yakovenko  | 
| Dukla Prague  | 1–0 | |
|---|---|---|
| Luhový  | 
Report | 
| Red Star Belgrade  | 0–2 | |
|---|---|---|
| Report | da Silva  | 
| Dynamo Dresden  | 2–0 | |
|---|---|---|
| Lippmann  Pilz  | 
Report | 
Second leg
| Dynamo Kyiv  | 5–1 | |
|---|---|---|
| Yaremchuk  Belanov Blokhin Yevtushenko  | 
Report | Halilović  | 
Dynamo Kyiv won 9–2 on aggregate.
| Benfica  | 2–1 | |
|---|---|---|
| Carlos Manuel  Manniche  | 
Report | Korejčík  | 
2–2 on aggregate. Dukla Prague won on away goals.
| Atlético Madrid  | 1–1 | |
|---|---|---|
| Marina  | 
Report | Đurović  | 
| Bayer Uerdingen  | 7–3 | |
|---|---|---|
| W. Funkel  Guðmundsson Schäfer Klinger  | 
Report | Minge  Lippmann Bommer  | 
Semi-finals
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Dynamo Kyiv  | 
4–1 | 3–0 | 1–1 | |
| Atlético Madrid  | 
4–2 | 1–0 | 3–2 | 
First leg
| Dynamo Kyiv  | 3–0 | |
|---|---|---|
| Blokhin  Zavarov  | 
Report | 
| Atlético Madrid  | 1–0 | |
|---|---|---|
| Julio Prieto  | 
Report | 
Second leg
| Dukla Prague  | 1–1 | |
|---|---|---|
| Kříž  | 
Report | Belanov  | 
Dynamo Kyiv won 4–1 on aggregate.
| Bayer Uerdingen  | 2–3 | |
|---|---|---|
| Herget  Guðmundsson  | 
Report | Rubio  Cabrera Julio Prieto  | 
Final
| Dynamo Kyiv  | 3–0 | |
|---|---|---|
| Zavarov  Blokhin Yevtushenko  | 
Report |