The1986 Australian Formula 2 Championship was aCAMS sanctionedAustralian national motor racing title open toAustralian Formula 2 cars.[1] The title, which was the 19thAustralian Formula 2 Championship,[2] was won by Jonathan Crooke, driving aCheetah Mk.8Volkswagen.[3]

The 1986 Australian Formula 2 Championship was contested over a nine round series.[3]
| Round[4] | Circuit[4] | State | Date[4] | Round format[4] | Round winner[4] | Car[4] |
| 1 | Symmons Plains | Tasmania | 9 March | One race | Arthur Abrahams | Cheetah Mk.8Volkswagen |
| 2 | Baskerville | Tasmania | 16 March | Two races | Jonathan Crooke | Cheetah Mk.8Volkswagen |
| 3 | Surfers Paradise | Queensland | 18 May | One race | Jonathan Crooke | Cheetah Mk.8Volkswagen |
| 4 | Oran Park | New South Wales | 8 June | One race | Mark McLaughlin | Elfin 852Volkswagen |
| 5 | Lakeside | Queensland | 15 June | One race | Jonathan Crooke | Cheetah Mk.8Volkswagen |
| 6 | Adelaide International Raceway[5] | South Australia | 6 July | One race | Jonathan Crooke | Cheetah Mk.8Volkswagen |
| 7 | Mallala Motor Sport Park[6] | South Australia | 3 August | Two races | Jonathan Crooke | Cheetah Mk.8Volkswagen |
| 8 | Winton | Victoria | 31 August | Two races | Jonathan Crooke | Cheetah Mk.8Volkswagen |
| 9 | Sandown Park | Victoria | 14 September | One race | Jonathon Crooke | Cheetah Mk.8Volkswagen |
Points were awarded to the first 20 placegetters in each race as per the following table:[1]
| Race position[1] | 1st | 2nd | 3rd | 4th | 5th | 6th | 7th | 8th | 9th | 10th | 11th | 12th | 13th | 14th | 15th | 16th | 17th | 18th | 19th | 20th |
| Points[1] | 30 | 27 | 24 | 21 | 19 | 17 | 15 | 14 | 13 | 12 | 11 | 10 | 9 | 8 | 7 | 6 | 5 | 4 | 3 | 2 |
| Position[3] | Driver[3] | No.[3] | Car[3] | Entrant[5] | Sym.[3] | Bas.[3] | Sur.[3] | Ora.[3] | Lak.[3] | Ade.[3] | Mal.[3] | Win.[3] | San.[3] | Total[3] |
| 1 | Jonathan Crooke | 71 & 18 | Cheetah Mk.8Volkswagen | Jonathan Crooke | 27 | 30 | 30 | (15) | 30 | 30 | 28.5 | 30 | 30 | 235.5 |
| 2 | Mark McLaughlin | 9 & 14 | Elfin 852Volkswagen | Elfin Sports Cars | - | 27 | 21 | 30 | - | 21 | 15 | 27 | 27 | 168 |
| 3 | Derek Pingel | 5 | Cheetah Mk.8Volkswagen | Derek Pingel | 15 | 10.5 | 27 | - | 27 | 27 | 18 | 15 | 24 | 163.5 |
| 4 | Bob Power | 8 | Ralt RT3Volkswagen | Bob Power | 19 | 24 | 24 | 27 | 14 | 24 | 17 | - | 14 | 163 |
| 5 | Arthur Abrahams | 19 | Cheetah Mk.8Volkswagen | Arthur Abrahams | 30 | 8.5 | 13 | - | 19 | - | - | - | 21 | 91.5 |
| 6 | Grahame Blee | 2 | Cheetah Mk.6GE[4]Toyota | Grahame Blee | 10 | 6 | - | 21 | - | 14 | 19 | 10 | - | 80 |
| 7 | Ian Richards | 11[5] | Richards 201CVolkswagen | Ian Richards | 17 | 9.5 | 15 | - | - | - | 25.5 | 9.5 | - | 76.5 |
| 8 | Hugh Gartley | 44[5] | HTG FII[4]Toyota | Hugh Gartley | 12 | 10.5 | - | 17 | 15 | - | 13.5 | - | 7 | 75 |
| 9 | Steve Noble | 46[5] | Richards 201BVolkswagen | John Silman | - | - | 12 | 12 | - | - | 11.5 | 13 | 15 | 63.5 |
| 10 | Peter Macrow | 25 | Cheetah Mk.8Volkswagen | Macrow Motors[3] | 24 | 20 | 19 | - | - | - | - | - | - | 63 |
Note: