The 1986 Hungarian Grand Prix was a Formula One motor race held at the newly constructed Hungaroring on 10 August 1986. It was the eleventh race of the 1986 Formula One World Championship.

It was the first Hungarian Grand Prix since 1936, and the first-ever Formula One race to be held behind the Iron Curtain. The race was attended by 200,000 spectators from across the Eastern Bloc; this stood as a record for a Formula One race for nearly a decade.

The race was won by Piquet, ahead of Senna. Mansell finished 3rd and a lap down in his Williams. Defending World Champion Alain Prost qualified 3rd in his McLaren-TAG, an accident on lap 23 saw him as a non-finisher in what was his 100th Grand Prix start.