The 1987 Australian Open was a tennis tournament played on grass courts at the Kooyong Stadium in Melbourne in Victoria in Australia. It was the 75th edition of the Australian Open and was held from 12 through 25 January 1987; the first tournament to be held after New Year's Day since 1970 and also the last tournament to be played on grass before the change of surface.

It was decided that the Australian Open would be moved from the month of December to the month of January. This meant the tournament was not held in December 1986 but in January 1987.

Stefan Edberg defeated Pat Cash 6–3, 6–4, 3–6, 5–7, 6–3

Hana Mandlíková defeated Martina Navratilova 7–5, 7–6^(7–1)

Stefan Edberg / Anders Järryd defeated Peter Doohan / Laurie Warder 6–4, 6–4, 7–6^(7–3)

Martina Navratilova / Pam Shriver defeated Zina Garrison / Lori McNeil 6–1, 6–0

Zina Garrison / Sherwood Stewart defeated Anne Hobbs / Andrew Castle 3–6, 7–6^(7–5), 6–3

Jason Stoltenberg defeated Todd Woodbridge 6–2, 7–6