The 1986 Fiesta Bowl was the 15th edition of the Fiesta Bowl, a college football bowl game, played at Sun Devil Stadium in Tempe, Arizona, on Wednesday, January 1. Part of the 1985–86 bowl game season, it matched the fifth-ranked Michigan Wolverines of the Big Ten Conference and the seventh-ranked Nebraska Cornhuskers of the Big Eight Conference; both were runners-up in their respective conferences.