The 1985–86 Football League Trophy, known as the 1985–86 Freight Rover Trophy, was the third staging of the Football League Trophy, a knock-out competition for English football clubs in the Third Division and the Fourth Division. The winners were Bristol City and the runners-up were Bolton Wanderers. The competition began on 14 January 1986 and ended with the final on 24 May 1986 at Wembley Stadium.