The World Chess Championship 1886 was the first official World Chess Championship match contested by Wilhelm Steinitz and Johannes Zukertort. The match took place in the United States from 11 January to 29 March, the first five games being played in New York City, the next four being played in St. Louis and the final eleven in New Orleans. The winner was the first player to achieve ten wins. Wilhelm Steinitz won the match 10–5, winning his tenth game in the twentieth game of the match. There were five draws.

Previously, there were a number of "unofficial" world championship matches held between the undisputed leading players of the day, but talk of an official World Championship did not occur prior to the 1866 match between Steinitz and Adolf Anderssen. Steinitz won that match (+8−6=0) and although he made no known reference to a "World Championship" at the time, in later life he would sometimes backdate the tenure of his reign to the date of the Anderssen match. However, most historians now accept that the 1886 match between Steinitz and Zukertort was the first official World Championship match.

Though not yet officially an American citizen, Steinitz wanted the United States flag to be placed next to him during the match. He became a U.S. citizen on November 23, 1888, having resided for five years in New York, and changed his first name from Wilhelm to William.

Zukertort staked his rival claim to being the world's leading player by a number of tournament wins, notably Paris 1878 and London 1883. Steinitz did not compete in Paris. But at the London 1883 chess tournament, a prestigious 14-player, double-round, all-play-all tournament, Zukertort was the convincing winner with 22/26, ahead of Steinitz (19/26). They were followed by Joseph Henry Blackburne (16½/22) and Mikhail Chigorin (16/22). In many respects, the event resembled a modern-day Candidates Tournament, in that most of the world's leading players took part and the top two cemented their reputations as contenders for a world title.

A common story relates to an incident that occurred at the tournament banquet, when the St. George Chess Club President proposed a toast to the best chess player in the world and both Steinitz and Zukertort stood up at the same time to thank him. Research by Edward G. Winter suggests that this story has been embellished.

Steinitz challenged Zukertort to a one-on-one match the day after the conclusion of London 1883. As there was a degree of hostility between them, the match arrangements were somewhat protracted and lasted almost three years. Disagreement over the choice of venue was resolved when Steinitz finally persuaded Zukertort to accept the United States, his new place of residence, over London. This was mostly due to the better conditions offered to the players by the American organizers. Zukertort was given the princely sum of $750 to make the trip across the Atlantic, and the winner of the match was promised a quarter of the proceeds from the betting syndication.

The match was to use the same chess clock as three years earlier, and the time limit was determined as 30 moves in 2 hours, followed by another 15 moves in each subsequent hour. For the first time in chess history, a demonstration board measuring approximately 1 metre square was erected above the players, so that the spectators could follow the game while seated.

Play commenced on January 11, 1886 at 14.00 hours, in the Cartiers Academy Hall, No. 80, Fifth Avenue, New York City. After four wins of one player, which happened after the first five games, the venue switched to St. Louis for a further four.