The 4th TVyNovelas Awards were an academy of special awards to the best of soap operas and TV shows. The awards ceremony took place on 1986 in the Centro Libanés in Mexico D.F. The ceremony was televised in Mexico by Canal de las Estrellas.
Raúl Velasco and Luis Miguel hosted the show. De pura sangre won 7 awards, the most for the evening, including Best Telenovela. Other winners Tú o nadie and Vivir un poco won 4 awards and Angélica, El ángel caído and Esperándote won 1 each.