The 1986 Academy Awards were presented March 31, 1987 at the Dorothy Chandler Pavilion, Los Angeles.
Best Picture | Children of a Lesser God, Burt Sugarman and Patrick Palmer, producers (Paramount) |
| Hannah and Her Sisters, Robert Greenhut, producer (Orion) |
| The Mission, Fernando Ghia and David Puttnam, producers (Warner Bros.) |
| Platoon, Arnold Kopelson, producer (Orion) |
| A Room With a View, Ismail Merchant, producer (Cinecom Pictures) |
Actor in a Leading Role | Dexter Gordon, 'Round Midnight |
| Bob Hoskins, Mona Lisa |
| William Hurt, Children of a Lesser God |
| Paul Newman, The Color of Money |
| James Woods, Salvador |
Actress in a Leading Role | Jane Fonda, The Morning After |
| Marlee Matlin, Children of a Lesser God |
| Sissy Spacek, Crimes of the Heart |
| Kathleen Turner, Peggy Sue Got Married |
| Sigourney Weaver, Aliens |
Actor in a Supporting Role | Tom Berenger, Platoon |
| Michael Caine, Hannah and Her Sisters |
| Willem Dafoe, Platoon |
| Denholm Elliott, A Room With a View |
| Dennis Hopper, Hoosiers |
Actress in a Supporting Role | Tess Harper, Crimes of the Heart |
| Piper Laurie, Children of a Lesser God |
| Mary Elizabeth Mastrantonio, The Color of Money |
| Maggie Smith, A Room With a View |
| Dianne Wiest, Hannah and Her Sisters |
Directing | Woody Allen, Hannah and Her Sisters |
| James Ivory, A Room With a View |
| Roland Joffe, The Mission |
| David Lynch, Blue Velvet |
| Oliver Stone, Platoon |
Writing | Screenplay Written Directly for the Screen | Woody Allen, Hannah and Her Sisters | | Paul Hogan, story; Paul Hogan, Ken Shadie and John Cornell, screenplay, “Crocodile” Dundee | | Hanif Kureishi, My Beautiful Laundrette | | Oliver Stone, Platoon | | Oliver Stone and Richard Boyle, Salvador | Screenplay Based on Another Medium | Hesper Anderson and Mark Medoff, Children of a Lesser God | | Raynold Gideon and Bruce A. Evans, Stand by Me | | Beth Henley, Crimes of the Heart | | Ruth Prawer Jhabvala, A Room With a View | | Richard Price, The Color of Money |
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Cinematography | Jordan Cronenweth, Peggy Sue Got Married |
| Chris Menges, The Mission |
| Don Peterman, Star Trek IV: The Voyage Home |
| Tony Pierce-Roberts, A Room With a View |
| Robert Richardson, Platoon |
Art Direction | Stuart Craig, art direction; Jack Stephens, set decoration, The Mission |
| Peter Lamont, art direction; Crispian Sallis, set decoration, Aliens |
| Boris Leven, art direction; Karen A. O'Hara, set decoration, The Color of Money |
| Gianni Quaranta and Brian Ackland-Snow, art direction; Brian Savegar and Elio Altramura, set decoration, A Room With a View |
| Stuart Wurtzel, art direction; Carol Joffe, set decoration, Hannah and Her Sisters |
Sound | Les Fresholtz, Dick Alexander, Vern Poore and William Nelson, Heartbreak Ridge |
| Graham V. Hartstone, Nicolas Le Messurier, Michael A. Carter and Roy Charman, Aliens |
| Donald O. Mitchell, Kevin O'Connell, Rick Kline and William B. Kaplan, Top Gun |
| Terry Porter, Dave Hudson, Mel Metcalfe and Gene S. Cantamessa, Star Trek IV: The Voyage Home |
| John Wilkinson, Richard Rogers, Charles “Bud” Grenzbach and Simon Kaye, Platoon |
Music | Song | “Glory of Love,” The Karate Kid Part II, Peter Cetera and David Foster, music; Peter Cetera and Diane Nini, lyrics | | “Life in a Looking Glass,” That's Life, Henry Mancini, music; Leslie Bricusse, lyrics | | “Mean Green Mother From Outer Space,” Little Shop of Horrors, Alan Menken, music; Howard Ashman, lyrics | | “Somewhere Out There,” An American Tail, James Horner and Barry Mann, music; Cynthia Weil, lyrics | | “Take My Breath Away,” Top Gun, Giorgio Moroder, music; Tom Whitlock, lyrics | Original Score | Jerry Goldsmith, Hoosiers | | Herbie Hancock, 'Round Midnight | | James Horner, Aliens | | Ennio Morricone, The Mission | | Leonard Rosenman, Star Trek IV: The Voyage Home |
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Film Editing | Jim Clark, The Mission |
| Ray Lovejoy, Aliens |
| Susan E. Morse, Hannah and Her Sisters |
| Claire Simpson, Platoon |
| Billy Weber and Chris Lebenzon, Top Gun |
Costume Design | Anna Anni and Maurizio Millenotti, Otello |
| Jenny Beaven and John Bright, A Room With a View |
| Anthony Powell, Pirates |
| Enrico Sabbatini, The Mission |
| Theadora Van Runkle, Peggy Sue Got Married |
Makeup | Rob Bottin and Peter Robb-King, Legend |
| Chris Walas and Stephan Dupuis, The Fly |
| Michael G. Westmore and Michèle Burke, The Clan of the Cave Bear |
Visual Effects | Lyle Conway, Brian Ferren and Martin Gutteridge, Little Shop of Horrors |
| Richard Edlund, John Bruno, Garry Waller and William Neil, Poltergeist II: The Other Side |
| Robert Skotak, Stan Winston, John Richardson and Suzanne Benson, Aliens |
Sound Effects Editing | Cecelia Hall and George Watters II, Top Gun |
| Mark Mangini, Star Trek IV: The Voyage Home |
| Don Sharpe, Aliens |
Short Films | Animated | The Frog, the Dog and the Devil (Bob Stenhouse, producer; New Zealand National Film Unit) | | A Greek Tragedy (Linda Van Tulden and Willem Thijssen producers; CineTe pvba) | | Luxo Jr. (John Lasseter and William Reeves, producers; Pixar Productions) | Live Action | Exit (Stefano Reali and Pino Quartullo, producers; Rai Radiotelevisione Italiana/RAI-UNO) | | Love Struck (Fredda Weiss, producer; Rainy Day Productions) | | Precious Images (Chuck Workman, producer; Calliope Films, Inc.) |
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Documentary | Short Subject | Debonair Dancers (Alison Nigh-Strelich, producer; Alison Nigh-Strelich Production) | | The Masters of Disaster (Sonya Friedman, producer; Indiana University Audio Visual Center) | | Red Grooms: Sunflower in a Hothouse (Thomas L. Neff and Madeline Bell, producers; Polaris Entertainment Production) | | Sam (Aaron D. Weisblatt Production) | | Women—for America, for the World (Vivienne Verdon-Roe, producer; Educational Film & Video Project) | Feature (tie) | Artie Shaw: Time Is All You've Got (Brigitte Berman, producer; Bridge Film Production) | | Chile: Hasta Cuando? (David Bradbury, producer; David Bradbury Productions) | | Down and Out in America (Joseph Feury and Milton Justice, producers; Joseph Feury Production) | | Isaac in America: A Journey With Isaac Bashevis Singer (Kirk Simon and Amram Nowak, producers; Amram Nowak Associates) | | Witness to Apartheid (Sharon I. Sopher, producer; Production of Developing News, Inc.) |
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Foreign Language Film | The Assault, Netherlands |
| Betty Blue, France |
| The Decline of the American Empire, Canada |
| My Sweet Little Village, Czechoslovakia |
| “38”, Austria |
Irving G. Thalberg Memorial Award | Steven Spielberg |
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Honorary Award | To Ralph Bellamy for his unique artistry and his distinguished service to the profession of acting |
| To E.M. (Al) Lewis in appreciation for outstanding service and dedication in upholding the high Academy standards |