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The 1987 Icelandic Cup was the 28th edition of the National Football Cup.
It took place between 27 May 1987 and 30 August 1987, with the final played at Laugardalsvöllur in Reykjavik. The cup was important, as winners qualified for the UEFA Cup Winners' Cup (if a club won both the league and the cup, the defeated finalists would take their place in the Cup Winners' Cup).
The 10 clubs from the 1. Deild entered in the last 16, with clubs from lower tiers entering in the three preliminary rounds. Teams played one-legged matches. In case of a draw, a penalty shoot-out took place (there were no replays, unlike in previous years).
Fram Reykjavik won their sixth Icelandic Cup, beating Víðir Garður in the final, and so qualifying for Europe.
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