The main feud heading into Survivor Series included André the Giant, One Man Gang, King Kong Bundy, Butch Reed and Rick Rude against Hulk Hogan, Paul Orndorff, Don Muraco, Ken Patera and Bam Bam Bigelow. In January 1987, Hogan was awarded a trophy for his third year as WWF Champion while Hogan's best friend André was awarded a smaller trophy than Hogan's, for being undefeated in WWF for 15 years. Hogan congratulated his friend and said that André was the real champion of superstars all around the world. André surprisingly left the place before Hogan could even finish. In February, he came with a new manager Bobby Heenan. When Hogan came to know about that, he begged André not to keep Heenan as his manager because Heenan was Hogan's longtime enemy. André said that he had come to challenge Hogan for the WWF title at WrestleMania. He ripped off Hogan's Hulkamania shirt and golden chain, turning heel. This culminated in their historic match at WrestleMania III, where Hogan defeated André to retain the title. During the match, he set a record by scoop slamming the 520-pound Frenchman. On August 22, 1987 edition of Prime Time Wrestling, Paul Orndorff fired Bobby Heenan as his manager when he came to know that Heenan had brought in a new wrestler Rick Rude to replace Orndorff. Orndorff appointed Oliver Humperdink as his manager to feud with Rude. Billy Graham got involved in a feud with Butch Reed, culminating in a match between the duo. One Man Gang interfered in a match where he hit Graham with a big splash on the concrete floor. Don Muraco came to the rescue of Graham and Graham who was scheduled to participate in the main event of the first-ever Survivor Series retired due to an attack by One Man Gang. Muraco replaced him. Ken Patera got involved in a feud with Bobby Heenan and The Heenan Family and turned babyface, and was chosen to be the fourth member on Hogan's team. Many heel managers wanted to manage Bam Bam Bigelow, but Bigelow chose Oliver Humperdink as his manager thus making his WWF debut as a babyface. He also became a part of Hogan's team.
Randy Savage had been a heel since his WWF debut in the summer of 1985. He turned babyface in late 1987, after WWF Intercontinental Champion The Honky Tonk Man claimed to be the greatest Intercontinental Champion. This led to a feud between Savage and Honky, leading to Savage's face turn. On October 3, 1987 edition of Saturday Night's Main Event, Savage challenged Honky for the title winning by disqualification. The title remained with Honky because a title cannot change hands by a DQ. Harley Race had won the 1986 King of the Ring tournament and was so proud about this that he called himself King Harley Race and wore a crown and cape to the ring. Jim Duggan did not agree with the fact and this placed Duggan and Race into a feud, with Duggan winning most of the matches. Jake Roberts also feuded with Honky Tonk Man after Honky hit a guitar on Roberts on an edition of Snake Pit, completing Roberts' babyface turn. A match was booked for Survivor Series featuring Savage, Roberts, Ricky Steamboat, Brutus Beefcake and Duggan against Honky, Hercules, Danny Davis, Ron Bass and Race.
The major ongoing tag team feud pitted the face Strike Force and the villainous Hart Foundation. Tito Santana and Rick Martel formed Strike Force in the summer of 1987 after Santana rescued Martel from a beating by The Islanders. Strike Force quickly became a top contender for the WWF Tag Team Championship, held by the Hart Foundation (Bret Hart and Jim Neidhart), and on October 28, 1987, Strike Force won the titles when Neidhart was trapped in Martel's Boston crab
The first match of the first-ever Survivor Series was the first-ever Survivor Series elimination match. Randy Savage, Jake Roberts, Ricky Steamboat, Brutus Beefcake and Jim Duggan faced WWF Intercontinental ChampionThe Honky Tonk Man, Hercules, Danny Davis, Ron Bass and Harley Race. Savage's team was seconded by his wife Miss Elizabeth while Honky's team was seconded by Bobby Heenan and Jimmy Hart. Duggan and Race brawled to the outside where both men were counted out and both of them were eliminated, leaving 4 men on each team. Beefcake hit a knee lift on Bass, and went on to eliminate him as Savage's team had 4 men while Honky's team had 3 men. Team captain Honky himself joined the match and hit a Shake, Rattle and Roll on Beefcake and eliminated him. 3 men were on each sides. Roberts hit a DDT on Davis and only 2 men remained in Honky's team, Honky and Hercules while Savage's team was still having 3 men. Savage hit a Savage Elbow on Hercules and pinned him with Honky remaining the only member in his team. After he found out, that he was the only team member, he left the ring and got counted-out, thus eliminating himself in the process. Savage, Roberts and Steamboat became the survivors of the match.
The main event was a Survivor Series match where André the Giant, One Man Gang, King Kong Bundy, Butch Reed and Rick Rude faced WWF ChampionHulk Hogan, Paul Orndorff, Don Muraco, Ken Patera and Bam Bam Bigelow. Muraco was not scheduled to compete in the match but replaced "Superstar" Billy Graham, who was originally scheduled to be Hogan's teammate but retired because of his hip injury suffered during a match against Reed. Hogan did the first elimination after he hit a leg drop on Reed and pinned him to eliminate him. Patera and One Man Gang were next. One Man Gang hit a 747 Splash on Patera to eliminate him. Rude and Orndorff were next, who were having their personal problems due to who Bobby Heenan would manage. Orndorff had got the better of Rude until Bundy distracted him and Rude rolled up Orndorff to eliminate him. Muraco joined the match and powerslammed Rude to eliminate him. One Man Gang entered and then hit Muraco with a 747 Splash to eliminate him. André's team was having 3 members while Hogan's team had 2. Hogan and André brawled with each other until the action went to the outside where Bundy and One Man Gang prevented Hogan from reentering the ring. Hogan, the team captain himself was eliminated and Bam Bam Bigelow remained the only member in Hogan's team. He managed to fend himself after he hit a Slingshot on Bundy to eliminate him and One Man Gang missed a 747 Splash as Bigelow pinned him. He however fell victim to the captain of opponent's team André who hit a butterfly suplex to win the match.