October 26, 1986 Adelaide Street Circuit | Lap distance 3.780 km
| Pos | Points | No | Driver | Car | Engine | Tyres | Laps | Race Time | Delay | Qualifying | Fastest Lap | |||
| 1 | 9 | 1 | Alain Prost (FRA) | McLaren MP4-2C | TAG TTE PO1 | Goodyear | 82 | 1:54'20.388 | 4 | 1'19.654 | 2 | 1'20.979 | (69) | |
| 2 | 6 | 6 | Nelson Piquet (BRA) | Williams FW11 | Honda RA166-E | Goodyear | 82 | 1:54'24.593 | +4.205 | 2 | 1'18.714 | 1 | 1'20.787 | (82) |
| 3 | 4 | 28 | Stefan Johansson (SWE) | Ferrari F1/86 | Ferrari 126C | Goodyear | 81 | 1:55'28.591 | +1 lap | 12 | 1'22.050 | 5 | 1'22.136 | (74) |
| 4 | 3 | 3 | Martin Brundle (GBR) | Tyrrell 015 | Renault EF15B | Goodyear | 81 | 1:55'46.532 | +1 lap | 16 | 1'23.004 | 8 | 1'22.950 | (63) |
| 5 | 2 | 4 | Philippe Streiff (FRA) | Tyrrell 015 | Renault EF15B | Goodyear | 80 | 1:54'02.625 | +2 laps | 10 | 1'21.720 | 7 | 1'22.681 | (63) |
| 6 | 1 | 11 | Johnny Dumfries (GBR) | Team Lotus 98T | Renault EF15B | Goodyear | 80 | 1:55'28.390 | +2 laps | 14 | 1'22.664 | 6 | 1'22.464 | (69) |
| 7 | 25 | René Arnoux (FRA) | Ligier JS27 | Renault EF15B | Pirelli | 79 | 1:54'36.126 | +3 laps | 5 | 1'19.976 | 9 | 1'22.955 | (68) | |
| 8 | 26 | Philippe Alliot (FRA) | Ligier JS27 | Renault EF15B | Pirelli | 79 | 1:55'40.316 | +3 laps | 8 | 1'20.981 | 19 | 1'25.798 | (78) | |
| 9 | 14 | Jonathan Palmer (GBR) | Zakspeed 861 | Zakspeed 861 | Goodyear | 77 | 1:55'05.031 | +5 laps | 21 | 1'23.476 | 12 | 1'23.866 | (68) | |
| 10 | 19 | Teo Fabi (ITA) | Benetton B186 | BMW M12/13 | Pirelli | 77 | 1:55'26.037 | +5 laps | 13 | 1'22.129 | 20 | 1'25.895 | (47) | |
| Not classified | ||||||||||||||
| -- | 16 | Patrick Tambay (FRA) | Lola THL-2 | Ford F1 | Goodyear | 70 | 1:54'28.224 | 17 | 1'23.008 | 14 | 1'24.182 | (42) | ||
| -- | 22 | Allen Berg (CAN) | Osella FA1G | Alfa Romeo 890T | Pirelli | 61 | 1:55'15.953 | 26 | 1'27.208 | 24 | 1'33.172 | (26) | ||
| Retirement | ||||||||||||||
| tyre | 5 | Nigel Mansell (GBR) | Williams FW11 | Honda RA166-E | Goodyear | 63 | 1:28'10.119 | 1 | 1'18.403 | 3 | 1'21.194 | (58) | ||
| electrical | 7 | Riccardo Patrese (ITA) | Brabham BT55 | BMW M12/13/1 | Pirelli | 63 | 1:30'22.593 | 19 | 1'23.230 | 10 | 1'23.095 | (55) | ||
| tyre | 2 | Keke Rosberg (FIN) | McLaren MP4-2C | TAG TTE PO1 | Goodyear | 62 | 1:26'20.613 | 7 | 1'20.778 | 4 | 1'21.900 | (62) | ||
| brakes | 8 | Derek Warwick (GBR) | Brabham BT55 | BMW M12/13/1 | Pirelli | 57 | 1:22'10.907 | 20 | 1'23.313 | 11 | 1'23.695 | (40) | ||
| engine | 17 | Christian Danner (GER) | Arrows A8 | BMW M12/13 | Goodyear | 52 | 1:16'39.251 | 24 | 1'25.233 | 18 | 1'25.635 | (50) | ||
| engine | 18 | Thierry Boutsen (BEL) | Arrows A8 | BMW M12/13 | Goodyear | 50 | 1:13'32.475 | 22 | 1'24.295 | 17 | 1'25.351 | (48) | ||
| engine | 12 | Ayrton Senna (BRA) | Team Lotus 98T | Renault EF15B | Goodyear | 43 | 1:01'54.437 | 3 | 1'18.906 | 13 | 1'24.149 | (6) | ||
| engine | 20 | Gerhard Berger (AUT) | Benetton B186 | BMW M12/13 | Pirelli | 40 | 58'04.444 | 6 | 1'20.554 | 16 | 1'24.807 | (29) | ||
| fire extinguisher | 23 | Andrea de Cesaris (ITA) | Minardi M/86 | Motori Moderni 6VTC | Pirelli | 40 | 1:00'14.227 | 11 | 1'22.012 | 22 | 1'26.591 | (27) | ||
| suspension | 29 | Huub Rothengatter (NED) | Zakspeed 861 | Zakspeed 861 | Goodyear | 29 | 43'12.152 | 23 | 1'25.181 | 21 | 1'26.479 | (29) | ||
| engine | 15 | Alan Jones (AUS) | Lola THL-2 | Ford F1 | Goodyear | 16 | 23'22.569 | 15 | 1'22.796 | 15 | 1'24.585 | (15) | ||
| accident | 24 | Alessandro Nannini (ITA) | Minardi M/85B | Motori Moderni 6VTC | Pirelli | 10 | 15'08.345 | 18 | 1'23.052 | 23 | 1'27.821 | (9) | ||
| transmission | 21 | Piercarlo Ghinzani (ITA) | Osella FA1F | Alfa Romeo 890T | Pirelli | 2 | 3'27.531 | 25 | 1'25.257 | 25 | 1'34.172 | (2) | ||
| accident | 27 | Michele Alboreto (ITA) | Ferrari F1/86 | Ferrari 126C | Goodyear | 0 | 9 | 1'21.709 | ||||||
