Game one

With the game tied at 1–1 after 40 minutes of play, the Oilers won thanks to third-period goals by Glenn Anderson, Paul Coffey, and Jari Kurri. Gretzky registered a goal and an assist in the onslaught as part of a 4–2 win. The Flyers outshot Edmonton 31–26.

Game two

This time, the Flyers led 2–1 after two periods. Despite matching the Oilers line for line and speed for speed, Edmonton burned Philly with a third-period goal, then on the game-winner by Kurri, who took advantage of some disorganized defensive play by the Flyers in overtime to score the game-winning goal with a wide-open chance in a 3–2 overtime victory.

Game three

Looking to take a commanding 3–0 series lead, Edmonton came out firing, taking a 2–0 lead after one period on goals by Mark Messier and Coffey, then stretching it to 3–0 on Anderson's fluke breakaway goal 1:49 into the second.

With their backs against the wall, the Flyers began a comeback on second-period goals by Murray Craven and Peter Zezel. Early in the third, tallies 17 seconds apart by Scott Mellanby and Brad McCrimmon tied the game, then put the Flyers ahead 4–3. For the remainder of the period, the Flyers gamely kept the Oilers' potent offense at bay until Brian Propp's empty-net goal sealed a 5–3 win.

Until this point, no team had ever rebounded from a 3–0 deficit to win a game in the Finals, and the Flyers won their first-ever playoff game after yielding a game's first three goals.

Game four

The momentum from game three did not carry over for Philadelphia. Gretzky notched three assists as the Oilers won, 4–1, and took a three games to one series lead. In a relatively sedate affair, the most shocking event came when Flyers goaltender Ron Hextall viciously chopped his stick across the back of the legs of Edmonton's Kent Nilsson in the third period when trailing 4–1. Hextall was apparently incensed that Anderson and other Oilers had cruised through the goal crease untouched and unpenalized during the game, and took out his frustration on the last Oiler he happened to see skate by. Hextall's actions caused Nilsson no injury, but Hextall would be suspended for the first eight games of the 1987–88 season.

Game five

Edmonton's newspapers had published plans for a future victory parade that day, and the Oilers tried to make those plans come to fruition when they beat Hextall for two quick first-period goals. Although the Flyers got one back and trailed 2–1 after one period, Hextall let Edmonton's third goal of the game, a tip-in by Marty McSorley with nearly two minutes gone in the second slip between his arm and body; time was growing short.

Facing the end of their season, the Flyers clawed back and tied the game 3–3 on goals by Doug Crossman and Pelle Eklund. With almost six minutes played in the third, Propp fed Rick Tocchet in the slot for the go-ahead score. Hextall and the Flyers' defence clamped down on the Oilers the rest of the way and the series came back to Philadelphia.

Game six

With a chance to close out the series without the pressure of home ice, Edmonton took a 2–0 lead against a hesitant Flyers club on a disputed goal by Kevin Lowe and a stuffer by checking winger Kevin McClelland. The Oilers took control of the game in all aspects, outshooting Philly 15–5 in the opening 20 minutes. The Flyers had little chance until Lindsay Carson managed to thread a puck through Grant Fuhr's pads a little more than seven minutes into the second period. The Oilers kept the pressure on, and carried play into the third period. However, Anderson's careless high-sticking penalty with eight minutes left in regulation led to Propp's electric game-tying goal, snapping a shot high into the left corner of the net.

Eighty-four seconds later, little-used Flyer defenceman J. J. Daigneault stepped up to a dying puck inside the Oilers' blue line, and cranked the puck just inside the right post to give the Flyers a 3–2 advantage. Daigneault's goal stirred the Spectrum crowd to a frenzy providing what has been called the loudest moment in that arena's history, and the game is often nicknamed "The Night the Spectrum Shook".^[3][4] The only threat to that lead came with ten seconds left, when Mark Messier picked off Hextall's attempted clear, broke in, and took one shot into Hextall's pads and a second over the top of the net. Mark Howe knocked down a last-ditch Oiler effort at the buzzer, and the Finals headed to a seventh game for the first time since 1971.

Game seven

Two unusual occurrences marked the opening of the game, which marked the first game 7 since 1971: the Flyers were awarded a two-man advantage one minute into the contest, and scored the first goal of the game for the first time in the Finals. Craven banked a shot off Fuhr's skate only 1:41 into the game for a 1–0 Philadelphia lead. The Flyers failed to score on the back half of the 5-on-3, and the Oilers came back six minutes later when Messier finished off a 3-on-1 with a backhander to tie the game. Kurri delivered a huge blow to Flyers victory hopes when he beat Hextall with quick wrist shot off a Gretzky pass at 14:59 into the second period, giving the Oilers a one-goal cushion. Edmonton poured it on late, outshooting the Flyers 13–6 in the middle 20 minutes and 12–2 in the third, finally getting an insurance goal on Anderson's 30-footer up the middle with 2:24 to play.

Philadelphia's Hextall, who had 40 saves in game seven, was awarded the Conn Smythe Trophy as the playoffs MVP despite Edmonton's victory. His feat was the fourth time a Conn Smythe winner came from a losing team. He was preceded by Roger Crozier, goaltender with the Detroit Red Wings in 1966, St. Louis Blues goalie Glenn Hall in 1968, and Flyers right wing Reggie Leach in 1976. Jean-Sebastien Giguere, also a goalie, would become the 2003 playoff MVP with the Finals-losing Mighty Ducks of Anaheim.

This is the most recent game seven in the Finals to have a lead change, or even a game-tying goal. All eight such games played since then (1994, 2001, 2003, 2004, 2006, 2009, 2011, and 2019) had neither. This was also the last time that the champs would skate off with the Cup after winning the trophy. When the Oilers repeated the next year, they started the tradition in which everyone gathered around with the Cup in a team photo.

Edmonton Oilers

No.	Nat	Player	Pos	S/G	Age	Acquired	Birthplace
4		Kevin Lowe (A)	D	L	28	1979	Lachute, Quebec
5		Steve Smith	D	L	24	1981	Glasgow, Scotland
6		Jeff Beukeboom	D	R	22	1983	Ajax, Ontario
7		Paul Coffey	D	L	25	1980	Weston, Ontario
9		Glenn Anderson	RW	L	26	1979	Vancouver, British Columbia
10		Esa Tikkanen	LW	L	22	1983	Helsinki, Finland
11		Mark Messier (A)	C	L	26	1979	St. Albert, Alberta
12		Dave Hunter	LW	L	29	1979	Petrolia, Ontario
14		Craig MacTavish	C	L	28	1985	London, Ontario
15		Kent Nilsson	C	L	30	1986	Nynäshamn, Sweden
16		Kelly Buchberger	RW	L	21	1985	Langenburg, Saskatchewan
17		Jari Kurri	RW	R	26	1980	Helsinki, Finland
18		Moe Lemay	RW	L	25	1987	Saskatoon, Saskatchewan
20		Jaroslav Pouzar	LW	L	35	1982	Čakovec, Czechoslovakia
21		Randy Gregg	D	L	31	1982	Edmonton, Alberta
22		Charlie Huddy	D	L	27	1979	Oshawa, Ontario
24		Kevin McClelland	C	R	24	1983	Oshawa, Ontario
26		Mike Krushelnyski	C	L	27	1984	Montreal
28		Craig Muni	D	L	24	1986	Toronto
29		Reijo Ruotsalainen	D	R	27	1986	Oulu, Finland
31		Grant Fuhr	G	R	24	1981	Spruce Grove, Alberta
33		Marty McSorley	RW	R	23	1985	Hamilton, Ontario
35		Andy Moog	G	L	27	1980	Penticton, British Columbia
99		Wayne Gretzky (C)	C	L	26	1979	Brantford, Ontario

Philadelphia Flyers

No.	Nat	Player	Pos	S/G	Age	Acquired	Birthplace
2		Mark Howe (A)	D	L	31	1982	Detroit, Michigan
3		Doug Crossman	D	L	26	1983	Peterborough, Ontario
8		Brad Marsh (A)	D	L	29	1981	London, Ontario
9		Pelle Eklund	LW	L	24	1983	Solna, Sweden
10		Brad McCrimmon	D	L	28	1982	Dodsland, Saskatchewan
12		Tim Kerr	RW	R	27	1980	Windsor, Ontario
14		Ron Sutter	C	R	23	1982	Viking, Alberta
15		J.J. Daigneault	D	L	21	1986	Montreal
17		Ed Hospodar	D	L	28	1984	Bowling Green, Ohio
18		Lindsay Carson	LW	L	26	1979	Oxbow, Saskatchewan
19		Scott Mellanby	RW	R	20	1984	Montreal
20		Dave Poulin (C)	C	L	28	1982	Timmins, Ontario
21		Dave Brown	RW	R	26	1982	Saskatoon, Saskatchewan
22		Rick Tocchet	RW	R	21	1983	Scarborough, Ontario
23		Ilkka Sinisalo	RW	L	28	1981	Valkeakoski, Finland
24		Derrick Smith	LW	L	22	1983	Scarborough, Ontario
25		Peter Zezel	C	L	22	1983	Scarborough, Ontario
26		Brian Propp	LW	L	28	1979	Lanigan, Saskatchewan
27		Ron Hextall	G	L	23	1982	Brandon, Manitoba
28		Kjell Samuelsson	D	R	28	1986	Tingsryd, Sweden
29		Daryl Stanley	D	L	24	1983	Winnipeg, Manitoba
32		Murray Craven	LW	L	22	1984	Medicine Hat, Alberta
33		Chico Resch	G	L	38	1986	Moose Jaw, Saskatchewan
34		Craig Berube	LW	L	24	1986	Calahoo, Alberta
37		Tim Tookey	C	L	26	1987	Edmonton, Alberta
42		Don Nachbaur	C	L	28	1985	Kitimat, British Columbia

Players

Stanley Cup engraving

• #8 Wayne Van Dorp played three regular season games, and three games in the Conference Finals This was not enough to qualify for his name being engraved on the Stanley Cup.
• #6 Jeff Beukeboom played 44 regular games, but did not dress in the playoffs. Beukeboom played more than half of the regular season games, so his name was included on the Stanley Cup.