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The 1987 Mr. Olympia contest was an IFBB professional bodybuilding competition held on October 31, 1987, at the Scandinavium in Gothenburg, Sweden.

Total prize money awarded was $120,000.

Place	Prize	Name
1	$55,000	Lee Haney[1]
2	$25,000	Rich Gaspari
3	$13,000	Lee Labrada
4	$9,000	Mike Christian
5	$6,000	Robby Robinson
6	$4,000	Berry DeMey
7		Albert Beckles
8		Edward Kawak
9		Ron Love
10		Michael Ashley
11		John Hnatyschak
12		Bertil Fox
13		Peter Hensel
14		Paul Jean-Guillaume
15		Josef Grolmus
16		Ulf Larsson
17		Herman Hoffend
18		Steve Brisbois

• Lee Haney won his fourth consecutive Mr. Olympia title

• Mr. Olympia