The best selling album in 1988 in New Zealand was THE PHANTOM OF THE OPERA by ANDREW LLOYD WEBBER.
| Rank | Artist | Album | Released |
| 1 | ANDREW LLOYD WEBBER | THE PHANTOM OF THE OPERA | 1987 |
| 2 | DEF LEPPARD | HYSTERIA | 1987 |
| 3 | SOUNDTRACK | DIRTY DANCING | 1987 |
| 4 | U2 | THE JOSHUA TREE | 1987 |
| 5 | MICHAEL JACKSON | BAD | 1987 |
| 6 | U2 | RATTLE AND HUM | 1988 |
| 7 | KYLIE MINOGUE | KYLIE | 1988 |
| 8 | INXS | KICK | 1987 |
| 9 | SOUNDTRACK | THE BIG CHILL | 1983 |
| 10 | JOHN MELLENCAMP | THE LONESOME JUBILEE | 1987 |
| 11 | TRACY CHAPMAN | TRACY CHAPMAN | 1988 |
| 12 | GEORGE MICHAEL | FAITH | 1987 |
| 13 | MIDNIGHT OIL | DIESEL AND DUST | 1987 |
| 14 | SOUNDTRACK | TOUR OF DUTY OST | 1988 |
| 15 | ANDREW LLOYD WEBBER | HIGHLIGHTS FROM PHANTOM OF THE OPERA | 1987 |
| 16 | PINK FLOYD | A MOMENTARY LAPSE OF REASON | 1987 |
| 17 | TIFFANY | TIFFANY | 1987 |
| 18 | ICEHOUSE | MAN OF COLOURS | 1987 |
| 19 | JIMMY BARNES | FREIGHT TRAIN HEART | 1987 |
| 20 | DIRE STRAITS | MONEY FOR NOTHING | 1988 |
Source: Recorded Music New Zealand