| Tournament details | |
|---|---|
| Dates | 18 September 1985 – 2 May 1986 | 
| Teams | 31 | 
| Final positions | |
| Champions |  Dynamo Kyiv (2nd title) | 
| Runners-up |  Atlético Madrid | 
| 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 |  Tatabánya Bányász | 5–0 | 1–1 | 
| Fram Reykjavík  | 3–2 | .svg.png.webp) Glentoran | 3–1 | 0–1 | 
| AS Monaco  | 2–3 | .svg.png.webp) Universitatea Craiova | 2–0 | 0–3 | 
| Utrecht  | 3–5 |  Dynamo Kyiv | 2–1 | 1–4 | 
| AEL Limassol .svg.png.webp) | 2–6 |  Dukla Prague | 2–2 | 0–4 | 
| AIK  | 13–0 |  Red Boys Differdange | 8–0 | 5–0 | 
| AEL  | 1–2 |  Sampdoria | 1–1 | 0–1 | 
| Lyngby  | 4–2 |  Galway United | 1–0 | 3–2 | 
| Red Star Belgrade .svg.png.webp) | 4–2 | .svg.png.webp) Aarau | 2–0 | 2–2 | 
| Fredrikstad  | 1–1 (a) |  Bangor City | 1–1 | 0–0 | 
| Atlético Madrid  | 3–2 |  Celtic | 1–1 | 2–1 | 
| HJK Helsinki  | 5–3 | .svg.png.webp) Flamurtari | 3–2 | 2–1 | 
| Cercle Brugge .svg.png.webp) | 4–4 (a) |  Dynamo Dresden | 3–2 | 1–2 | 
| Żurrieq  | 0–12 |  Bayer Uerdingen | 0–3 | 0–9 | 
| Galatasaray  | 2–2 (a) |  Widzew Łódź | 1–0 | 1–2 | 
First leg
| Rapid Wien  | 5–0 |  Tatabányai Bányász | 
|---|---|---|
| Halilović  18', 69', 72' Kienast  58' Krankl  62' | Report | 
| Fram Reykjavík  | 3–1 | .svg.png.webp) Glentoran | 
|---|---|---|
| Torfason  47', 60' Thorkelsson  85' | Report | Bowers  1' | 
| AS Monaco  | 2–0 | .svg.png.webp) Universitatea Craiova | 
|---|---|---|
| Bellone  21' Genghini  72' | Report | 
| Utrecht  | 2–1 |  Dynamo Kyiv | 
|---|---|---|
| Kruys  40' van Loen  63' | Report | Demyanenko  82' | 
| AEL Limassol .svg.png.webp) | 2–2 |  Dukla Prague | 
|---|---|---|
| Savva  55' Farkaš  62' | Report | Korejčík  36' Pelc  78' | 
| AIK  | 8–0 |  Red Boys Differdange | 
|---|---|---|
| Andersson  2' Dahlkvist  5', 59' Bergman  46', 55' Lundmark  60' Zetterlund  77' Johansson  80' | Report | 
| AEL  | 1–1 |  Sampdoria | 
|---|---|---|
| Mitsibonas  39' | Report | Mancini  82' | 
| Lyngby  | 1–0 |  Galway United | 
|---|---|---|
| Christensen  36' | Report | 
| Red Star Belgrade .svg.png.webp) | 2–0 | .svg.png.webp) Aarau | 
|---|---|---|
| Musemić  22' Ǵurovski  72' | Report | 
| Fredrikstad  | 1–1 |  Bangor City | 
|---|---|---|
| Deunk  87' | Report | Williams  60' | 
| Atlético Madrid  | 1–1 |  Celtic | 
|---|---|---|
| Setién  34' | Report | Johnston  70' | 
| HJK Helsinki  | 3–2 | .svg.png.webp) KS Flamurtari | 
|---|---|---|
| Muhonen  8' Kanerva  25' Rantanen  34' | Report | Muça  26' Bubeqi  65' | 
| Cercle Brugge .svg.png.webp) | 3–2 |  Dynamo Dresden | 
|---|---|---|
| Vanthournout  23' Raes  26' Krnčević  81' | Report | Trautmann  55' Kirsten  75' | 
| Żurrieq  | 0–3 |  Bayer Uerdingen | 
|---|---|---|
| Report | F. Funkel  8', 35' Guðmundsson  89' | 
| Galatasaray  | 1–0 |  Widzew Łódź | 
|---|---|---|
| Önal  13' (pen.) | Report | 
Second leg
| Tatabányai Bányász  | 1–1 |  Rapid Wien | 
|---|---|---|
| Schmidt  50' | Report | Weinhofer  61' | 
| Dynamo Kyiv  | 4–1 |  Utrecht | 
|---|---|---|
| Blokhin  10' Yaremchuk  20' Zavarov  55' Yevtushenko  60' | Report | de Kruijk  8' | 
Dynamo Kyiv won 5–3 on aggregate.
| Dukla Prague  | 4–0 | .svg.png.webp) AEL Limassol | 
|---|---|---|
| Luhový  29' Pelc  47', 65' Vízek  57' | Report | 
| Red Boys Differdange  | 0–5 |  AIK | 
|---|---|---|
| Report | Sundin  9' Bergman  14' Göransson  26' Andersson  80' Johansson  88' | 
| Galway United  | 2–3 |  Lyngby | 
|---|---|---|
| Murphy  63' Bonner  78' | Report | Christensen  9' Schäfer  42' Lyng  86' | 
| Bangor City  | 0–0 |  Fredrikstad | 
|---|---|---|
| Report | 
| KS Flamurtari .svg.png.webp) | 1–2 |  HJK Helsinki | 
|---|---|---|
| Ruci  11' | Report | Valla  9', 30' | 
| Dynamo Dresden  | 2–1 | .svg.png.webp) Cercle Brugge | 
|---|---|---|
| Pilz  37' Lippmann  48' | Report | Krnčević  47' | 
| Bayer Uerdingen  | 9–0 |  Żurrieq | 
|---|---|---|
| Bommer  13', 32' F. Funkel  22' Raschid  29', 49' Loontiens  37', 82' Puszamszies  72' Feilzer  76' | Report | 
| Widzew Łódź  | 2–1 |  Galatasaray | 
|---|---|---|
| Cisek  1' Leszczyk  90' | Report | Keser  54' | 
Second round
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Rapid Wien  | 4–2 |  Fram Reykjavík | 3–0 | 1–2 | 
| Universitatea Craiova .svg.png.webp) | 2–5 |  Dynamo Kyiv | 2–2 | 0–3 | 
| Dukla Prague  | 3–2 |  AIK | 1–0 | 2–2 | 
| Benfica  | 2–1 |  Sampdoria | 2–0 | 0–1 | 
| Lyngby  | 3–5 | .svg.png.webp) Red Star Belgrade | 2–2 | 1–3 | 
| Bangor City  | 0–3 |  Atlético Madrid | 0–2 | 0–1 | 
| HJK Helsinki  | 3–7 |  Dynamo Dresden | 1–0 | 2–7 | 
| Bayer Uerdingen  | 3–1 |  Galatasaray | 2–0 | 1–1 | 
First leg
| Rapid Wien  | 3–0 |  Fram Reykjavík | 
|---|---|---|
| Kranjčar  8' Pacult  80', 85' | Report | 
| Universitatea Craiova .svg.png.webp) | 2–2 |  Dynamo Kyiv | 
|---|---|---|
| Bâcu  13', 81' (pen.) | Report | Zavarov  17', 23' | 
| Dukla Prague  | 1–0 |  AIK | 
|---|---|---|
| Korejčík  7' | Report | 
| Benfica  | 2–0 |  Sampdoria | 
|---|---|---|
| Diamantino  47' Rui Águas  89' | Report | 
| Lyngby  | 2–2 | .svg.png.webp) Red Star Belgrade | 
|---|---|---|
| Christensen  4' Spangsborg  40' | Report | Ǵurovski  53' Mrkela  60' | 
| Bangor City  | 0–2 |  Atlético Madrid | 
|---|---|---|
| Report | da Silva  5' Setién  25' | 
| HJK Helsinki  | 1–0 |  Dynamo Dresden | 
|---|---|---|
| Lee  50' | Report | 
| Bayer Uerdingen  | 2–0 |  Galatasaray | 
|---|---|---|
| Schäfer  35' Bommer  85' | Report | 
Second leg
| Fram Reykjavík  | 2–1 |  Rapid Wien | 
|---|---|---|
| Jónsson  17' Torfason  88' (pen.) | Report | Pacult  60' | 
| Dynamo Kyiv  | 3–0 | .svg.png.webp) Universitatea Craiova | 
|---|---|---|
| Rats  7' Belanov  11' Demyanenko  13' | Report | 
Dynamo Kyiv won 5–2 on aggregate.
| AIK  | 2–2 |  Dukla Prague | 
|---|---|---|
| Dahlkvist  14' Zetterlund  89' | Report | Vízek  13', 60' | 
| Atlético Madrid  | 1–0 |  Bangor City | 
|---|---|---|
| Landáburu  23' | Report | 
| Dynamo Dresden  | 7–2 |  HJK Helsinki | 
|---|---|---|
| Sammer  19', 42' Lippmann  20', 69' Trautmann  40' Pilz  57' Kirsten  90' | Report | Lee  49' Valvee  61' | 
| Galatasaray  | 1–1 |  Bayer Uerdingen | 
|---|---|---|
| Prekazi  81' | Report | Herget  34' | 
Quarter-finals

| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Rapid Wien  | 2–9 |  Dynamo Kyiv | 1–4 | 1–5 | 
| Dukla Prague  | 2–2 (a) |  Benfica | 1–0 | 1–2 | 
| Red Star Belgrade .svg.png.webp) | 1–3 |  Atlético Madrid | 0–2 | 1–1 | 
| Dynamo Dresden  | 5–7 |  Bayer Uerdingen | 2–0 | 3–7 | 
First leg
| Rapid Wien  | 1–4 |  Dynamo Kyiv | 
|---|---|---|
| Willfurth  84' | Report | Belanov  55', 61' Rats  68' Yakovenko  74' | 
| Dukla Prague  | 1–0 |  Benfica | 
|---|---|---|
| Luhový  14' | Report | 
| Red Star Belgrade .svg.png.webp) | 0–2 |  Atlético Madrid | 
|---|---|---|
| Report | da Silva  29', 89' | 
| Dynamo Dresden  | 2–0 |  Bayer Uerdingen | 
|---|---|---|
| Lippmann  50' Pilz  62' | Report | 
Second leg
| Dynamo Kyiv  | 5–1 |  Rapid Wien | 
|---|---|---|
| Yaremchuk  7', 32' Belanov  12' (pen.) Blokhin  43' Yevtushenko  79' | Report | Halilović  27' | 
Dynamo Kyiv won 9–2 on aggregate.
| Benfica  | 2–1 |  Dukla Prague | 
|---|---|---|
| Carlos Manuel  19' Manniche  37' (pen.) | Report | Korejčík  65' | 
2–2 on aggregate. Dukla Prague won on away goals.
| Atlético Madrid  | 1–1 | .svg.png.webp) Red Star Belgrade | 
|---|---|---|
| Marina  7' | Report | Đurović  82' | 
| Bayer Uerdingen  | 7–3 |  Dynamo Dresden | 
|---|---|---|
| W. Funkel  13', 58' (pen.), 81' (pen.) Guðmundsson  63' Schäfer  65', 86' Klinger  78' | Report | Minge  1' Lippmann  35' Bommer  42' (o.g.) | 
Semi-finals
| Team 1 | Agg. | Team 2 | 1st leg | 2nd leg | 
|---|---|---|---|---|
| Dynamo Kyiv  | 4–1 |  Dukla Prague | 3–0 | 1–1 | 
| Atlético Madrid  | 4–2 |  Bayer Uerdingen | 1–0 | 3–2 | 
First leg
| Dynamo Kyiv  | 3–0 |  Dukla Prague | 
|---|---|---|
| Blokhin  7', 37' Zavarov  35' | Report | 
| Atlético Madrid  | 1–0 |  Bayer Uerdingen | 
|---|---|---|
| Julio Prieto  79' | Report | 
Second leg
| Dukla Prague  | 1–1 |  Dynamo Kyiv | 
|---|---|---|
| Kříž  71' | Report | Belanov  63' (pen.) | 
Dynamo Kyiv won 4–1 on aggregate.
| Bayer Uerdingen  | 2–3 |  Atlético Madrid | 
|---|---|---|
| Herget  55' Guðmundsson  64' | Report | Rubio  16' (pen.) Cabrera  28' Julio Prieto  58' | 
Final
| Dynamo Kyiv  | 3–0 |  Atlético Madrid | 
|---|---|---|
| Zavarov  4' Blokhin  85' Yevtushenko  87' | Report | 
