We present CCD observations of Comet Wilson (C/1986 P1 = 1987 VII) from 26 nights during the time period 1986 October to 1991 February, which brackets perihelion, During the observing run of 1988 February, the comet was observed to have split into two fragments. Our broadband CCD photometry, along with photometry from the International Cometary Quarterly, shows a steady decline in brightness of Comet Wilson post-perihelion, with an outburst between heliocentric distances r = 2.8 and 3.3 AU during 1987 October and November. By r ≈ 7 AU, the fragment had faded with respect to the parent and was no longer centrally condensed. A brightness limit of m R ≈ 25, when the comet was at r = 12.65 AU, constrains the primary nucleus to have a maximum radius between 5 and 7 km, assuming an albedo of 0.04. The accuracy of direct orbital solutions for the parent body and fragment to determine the time of splitting was limited by the presence of significant nongravitational forces and the limited fragment orbital coverage. We used the relative position of the fragment with respect to the parent to calculate a time of splitting which was consistent with the time of the observed outburst. We discuss the possible causes of the splitting. The coma of Comet Wilson was observed to have a surface-brightness profile which fell off as p -1 (characteristic of a canonical steady-state coma under the influence of radiation pressure) for all of the data with the exception of the data taken during 1987 November when the gradient was p -1.3 . This steeper slope was probably caused by the injection of new material into the coma during the outburst. During 1986 October, there was a break in the surface-brightness profile slope which may be interpreted as the distance at which grains are swept into the tail. The profiles suggested grain velocities of a few x 10 2 to 10 m sec -1 for grains between 1 and a few hundred micrometers. Finson-Probstein dust modeling showed that ejection of grains began preperihelion at r gt; 6 AU, peaking near perihelion with a very rapid decline thereafter, with an outburst occurring roughly 170 days post-perihelion. We found no evidence for the existence of discrete features in the coma. Both the primary and fragment nuclei grew redder with time, with the fragment being redder than the parent, consistent with the picture of smaller grains leaving the field of view of the aperture more quickly than larger grains.