In the summer of 1986, Millwall manager George Graham, a former Arsenal player, was appointed as Howe's long-term replacement, and it was the beginning of a new golden era at Highbury. Graham cleared out much of the old guard and replaced them with new signings and promoted youth players, while imposing much stricter discipline than his predecessors, both in the dressing room and on the pitch. Arsenal's form immediately improved, so much so that the club were top of the League at Christmas 1986, for the first time in a decade – an appropriate way of celebrating the club's centenary.
Though Arsenal finished fourth in Graham's first season in charge, Arsenal did win the League Cup, in a campaign marked by comebacks. After going 2-0 down on aggregate in the second leg of their semi-final against Tottenham, Arsenal scored twice to force a replay; in the replay Spurs went 1-0 up, only for Arsenal to come back again with late goals from Ian Allinson and David Rocastle to win. The final against Liverpool was a repeat performance; after Arsenal had gone 1-0 down, two Charlie Nicholas goals brought Arsenal their first League Cup triumph.
While Arsenal lost the League Cup final the following year (a shock defeat to Luton Town), their League form steadily improved. Graham's side was characterised by tight defensive discipline, embodied by his young captain Tony Adams, along with Lee Dixon, Steve Bould and Nigel Winterburn, who together formed the basis of the club's defence for over a decade. Contrary to popular belief, during this time Graham's Arsenal were not a defensive side; Graham also employed quality midfielders such as David Rocastle, Michael Thomas and Paul Merson, and striker Alan Smith, whose prolific goalscoring regularly brought him more than 20 goals per season.
At the end of Graham's third season (1988-89), the club won their first League title since 1971, in highly dramatic fashion. Having led the League since Christmas, Arsenal were overtaken by Liverpool after losing to Derby County and drawing at home to Wimbledon in May. Arsenal had seemingly thrown away the title, but the final game of the season, on May 26, was against Liverpool at Anfield; Arsenal needed to win by two goals to take the title; Liverpool had already won the FA Cup and were favourites to complete the Double. Alan Smith scored for Arsenal early in the second half to make it 1-0, but as time ticked by Arsenal struggled to get a second. With 90 minutes gone on the clock, Arsenal still needed another goal, and the title looked to be Liverpool's. With only seconds to go, a Smith flick-on found Michael Thomas surging through the Liverpool defence; the young midfielder calmly lifted the ball over Bruce Grobbelaar and into the net, and Arsenal were League Champions.
Arsenal could not retain the title the following season; they finished fourth in 1989-90 and fell behind champions Liverpool, runners-up Aston Villa and third-placed Tottenham Hotspur in the title challenge. They also failed to make their mark in the cups, and the post-Heysel ban on English clubs in European competition was still in force at that time, so Arsenal were unable to represent England in the European Cup.
Graham sought to improve his side and signed goalkeeper David Seaman and Swedish winger Anders Limpar in the close season; both players proved vital as Arsenal retook the title in 1990-91, despite two major setbacks. Arsenal had two points deducted in October 1990 after ten of their players were involved in a brawl with Manchester United players in a match at Old Trafford, and captain Tony Adams was sentenced to four months' imprisonment for drink driving in December. These did not hinder Arsenal's progress; they lost only one league match all season and finished seven points clear. Arsenal also reached the FA Cup semi-finals, where they faced Tottenham Hotspur; Paul Gascoigne scored with a free kick from 30 yards after just five minutes and Tottenham ran home 3-1 winners, dashing hopes of a second Double.
1991-92 saw the Gunners sign striker and second all-time top scorer Ian Wright from Crystal Palace in October, and the club's first entry in the European Cup since 1971-72. The European venture went badly; Arsenal were knocked out by SL Benfica in the second round and failed to make the lucrative group stage. The season went from bad to worse when the Gunners were knocked out of the FA Cup by lowly Wrexham, though Arsenal recovered to finish fourth in the League.
After this season, Graham changed his tactics; he became more defensive and turned out far less attack-minded sides, which depended mainly on goals from Wright rather than the whole team. Between 1986 and 1992 Arsenal averaged 66 League goals a season (scoring 81 in 1991-92), but between 1992 and 1995 only averaged 48 (including 40 in 1992-93, when the club finished 10th in the inaugural season of the FA Premier League, scoring fewer than any other team in the division).
Arsenal's League form was disappointing, but the team saved their best for the cups, and in 1992-93 became the first side to win the FA Cup and League Cup double. In the League Cup final, Arsenal faced Sheffield Wednesday; a Merson-inspired Arsenal side came from 1-0 down to win 2-1 thanks to a Steve Morrow goal. In the FA Cup, Arsenal beat Spurs 1-0 in the semis (avenging their defeat of 1991), and played Sheffield Wednesday in the final, again. It ended 1-1 and went to a replay; Wright opened the scoring for Arsenal but Chris Waddle equalised. Extra time came, and still no goal broke the deadlock until the 120th minute, when Andy Linighan powered home a header from a corner to win the match and the cup double for Arsenal.
In 1993-94, Arsenal won their second European trophy; a side missing key players (John Jensen and Martin Keown were injured, Ian Wright suspended) beat favourites and holders Parma 1-0 in the Cup Winners' Cup final in Copenhagen, with a tight defensive performance and Alan Smith's 21st minute goal from a left foot volley. The 1994 Cup Winners Cup proved to be George Graham's last trophy at the club; the following February the Scot was sacked after nearly nine years in charge, after it was discovered he had accepted an illegal £425,000 payment from Norwegian agent Rune Hauge following Arsenal's 1992 acquisition of John Jensen, one of Hauge's clients.
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