The 1986 Indiana State Sycamores football team represented Indiana State University as a member of the Gateway Collegiate Athletic Conference (GCAC) during the 1986 NCAA Division I-AA football season. The Sycamores were led by seventh-year head coach Dennis Raetz and played their home games at Memorial Stadium. Indiana State finished the season 3–8 overall and 1–4 in GCAC play to finish in sixth place.