The 1986 Ole Miss Rebels football team represented the University of Mississippi in the sport of American football during the 1986 NCAA Division I-A football season. The team won eight games, lost three, and had one tie. It concluded the season with a 20–17 victory over the Texas Tech Red Raiders in the 1986 Independence Bowl. During the season, Ole Miss was charged with recruiting violations and placed on a two-year probation, which was to take away 10 scholarships and bar the team from a bowl game and live television in 1987.