1st round

• Furukawa Electric (withdrew) – Hyōgo Teachers
• Teijin 0–1 Osaka Gas
• Yomiuri 3–1 Fukuoka University
• Yawata Steel 1–1 (PK 8–7) Hitachi
• Nissan Motors 3–0 Kawasaki Steel Mizushima
• NTT Kansai 0–4 Mazda
• Seino Transportation SC 3–2 Tanabe Pharmaceuticals
• Kochi University 0–3 Fujita Industries
• Honda 3–0 Kofu
• All Nippon Airways 3–1 Fujieda City Hall S.C.
• Matsushita Electric 1–1 (PK 3–1) Toyota Motors
• Toshiba 0–1 Yamaha Motors
• Mitsubishi Motors 4–2 Sapporo University
• Waseda University 0–1 Yanmar Diesel
• Kokushikan University 0–0 (PK 5–3) Akita City Hall
• F.C. Ueda Gentian 1–7 Nippon Kokan

2nd round

• Hyōgo Teachers 1–1 (PK 3–2) Osaka Gas
• Yomiuri 2–1 Yawata Steel
• Nissan Motors 2–0 Mazda
• Seino Transportation SC 0–2 Fujita Industries
• Honda 5–1 All Nippon Airways
• Matsushita Electric 0–2 Yamaha Motors
• Mitsubishi Motors 0–1 Yanmar Diesel
• Kokushikan University 1–6 Nippon Kokan

Quarterfinals

• Hyōgo Teachers 0–5 Yomiuri
• Nissan Motors 2–0 Fujita Industries
• Honda 2–2 (PK 2–4) Yamaha Motors
• Yanmar Diesel 0–3 Nippon Kokan

Semifinals

• Yomiuri 1–1 (PK 4–3) Nissan Motors
• Yamaha Motors 0–1 Nippon Kokan

Final

• Yomiuri 2–1 Nippon Kokan

Yomiuri won the championship Excluded from the Asian Cup Winners' Cup 1987.