An emulator is a software that duplicates (or emulates) the functions of one computer system (the guest) in another computer system (the host), different from the first one, so that the emulated behaviour closely resembles the behaviour of the real system (the guest).
The 8086 is a 16-bit microprocessor chip designed by Intel. The 8086 emulator duplicates the functions of Intel 8086 microprocessor in your system. You can run your assembly language program in these emulator quite easily. While creating the list I have given priority to free and open source emulators that are designed especially for Intel 8086 and have removed the Windows emulators that does not provide support to Windows 7. Well here is the list :

EMU8086 - MICROPROCESSOR EMULATOR is a free emulator for multiple platforms. It provides its user with the ability to emulate old 8086 processors, which were used in Macintosh and Windows computers from the 1980s and early 1990s.

1. A portable, open-source (GPLv2) 8086 PC emulator. Fake86 is a portable, open-source 8086/80186 PC emulator written from the ground up in C. Although the CPU engine is a pure interpreter it is still capable of reasonably fast execution. On modern systems, it can reach rates of 35 to 50 million emulated instructions/sec and beyond.
2. The 8086 is a 16-bit microprocessor chip designed by Intel. The 8086 emulator duplicates the functions of Intel 8086 microprocessor in your system. You can run your assembly language program in these emulator quite easily.

1. i8086emu :

i8086emu is a cross-platform open source emulator for the Intel 8086 microprocessor. It can be easily installed on Windows, Linux and BSD. It provide support for dynamically loadable device plugins and some peripherals like a PIT, PIC, 8-segment-displays, buttons and leds. i8086emu comes with an ncurses and an GTK-2 GUI which is quite awesome.
DOWNLOAD LINK : http://sourceforge.net/projects/i8086emu/files/latest/download?source=navbar

2. Emu8086 :

It is the most powerful 8086 emulator and is compatible with intel and AMD processor. It is available for Windows and Linux (through wine)

Online Masm 8086 Compiler

. Emu8086 provides a large number of in-build commands and its GUI makes it quite easy and simple to use. This software is available for free trial and you have to buy the key if you want to use the software after few days. Still it is the best 8086 emulator for Windows
DOWNLOAD LINK :http://www.emu8086.com/

3. 8086Tiny :

8086tiny is highly portable and runs on practically any little endian machine, from simple 32-bit MCUs upwards. 8086tiny has successfully been deployed on 32-bit/64-bit Intel machines (Windows, Mac OS X and Linux), Nexus 4/ARM (Android), iPad 3 and iPhone 5S (iOS), and Raspberry Pi (Linux). Additional functionality can be added to 8086Tiny by downloading and customizing its repository available on GitHub.

Online 8086 Emulator Pc

DOWNLOAD LINK : http://www.megalith.co.uk/8086tiny/download.html

4. PCEmu :

PCEmu is Developed David Hedley for linux and BSD. PCEmu emulates an 8086-based machine with VGA text graphics, EMS memory, host file system access, and `hardware' debugging. The emulator uses the mfs.c code from Linux DOSEMU to mount Unix directories as drives under DOS, so you can transfer data from the host to the target easily.
DOWNLOAD LINK : http://sourceforge.net/projects/pcemu/files/latest/download

5. Q :

Q is a free emulator software that runs on Mac OS X , including OS X on PowerPC. Q is Mike Kronenberg's port of the open source and generic processor emulator QEMU from Fabrice Bellard. Q uses Cocoa and other Apples Core-technologies like Coreimage, Coreaudio and OpenGL for in- and output, saving the overhead of crossplattform APIs like SDL, FMOD or GTK. , such as Core Image and Core Audio, to achieve its emulation.

Online 8086 Emulator

DOWNLOAD LINK : http://www.kju-app.org/

8086 Emulator Download