The 1986 Stephen F. Austin Lumberjacks football team was an American football team that represented Stephen F. Austin State University during the 1986 NCAA Division I-AA football season as a member of the Gulf Star Conference (GSC). Led by fifth-year head coach Jim Hess, the Lumberjacks compiled a 5–6 record, with a mark of 1–3 in conference play, and finished fifth in the GSC.

Date	Opponent	Rank	Site	Result	Attendance	Source
September 6	at Alcorn State*		Henderson Stadium Lorman, MS	W 28–14	3,624	[1]
September 13	Prairie View A&M*		Homer Bryce Stadium Nacogdoches, TX	W 46–14		[2]
September 27	Lamar*		Homer Bryce Stadium Nacogdoches, TX	W 38–25		[3]
October 4	West Texas State*		Homer Bryce Stadium Nacogdoches, TX	W 36–31		[4]
October 11	at No. 1 Nevada*	No. T–16	Mackay Stadium Reno, NV	L 27–34	13,242	[5]
October 18	No. T–9 Nicholls State	No. 19	Homer Bryce Stadium Nacogdoches, TX	L 10–14		[6]
October 25	at Southwestern Louisiana*		Cajun Field Lafayette, LA	L 14–28	23,257	[7]
November 1	at Northeast Louisiana*		Malone Stadium Monroe, LA	L 7–28	15,238	[8]
November 8	at Sam Houston State		Bowers Stadium Huntsville, TX (Battle of the Piney Woods)	L 26–30		[9]
November 15	at Southwest Texas State		Bobcat Stadium San Marcos, TX	L 28–34		[10]
November 22	Northwestern State		Homer Bryce Stadium Nacogdoches, TX (rivalry)	W 28–14		[11]
*Non-conference game Homecoming Rankings from NCAA Division I-AA Football Committee Poll released prior to the game