Gotta agree with a couple of choices so far:
The FM Soundtrack & the Fast Times at Ridgemont High Soundtrack
And now I need to add a couple of my own:
The Purple Rain Soundtrack
This is such a classic album that many forget that it was the soundtrack to the film. And, at the time, the musical boundaries were blurred by Prince's arrangements of these songs. Some were actually recorded live during a benefit for the Minnesota Dance Theater.
Seven of the album's nine tracks were well-known and radio club hits during the 1980's:
Let's Go Crazy
Take Me With You
Darling Nikki
When Doves Cry
I Would Die For U
Baby I'm A Star
Purple Rain
Still a terrific listen and it definitely takes me back in time.
Rock Star Soundtrack
For anyone who was into the 1980's hard-rock\heavy metal scene, this was not a new story. Based on Judas Priest's post-Rob Halford story, the movie starred Mark Wahlberg as a singer in a Steel Dragon tribute band whose performance is seen by the band, who then invites him to try out to replace their original singer. He makes the band and learns a bit about the business and, in the end, himself.
Great period music in the movie (lots of which did not make it to the album), including original songs written by the members of the band Steel Dragon. In a great move, the film created the movie band using real musicians from the era: Guitarists Zakk Wylde (Ozzy & Black Label Society) and Nick Cantanese (Black Label Society), bassist Jeff Pilson (Dokken & Foreigner) and drummer Jason Bonham (Zeppelin & Foreigner). Singers on tracks were Jeff Scott Soto (Journey & Yngwie Malsteem's Rising Force) and Michael Matijevic (Steelheart). Six great era-type songs were written and recorded by the band and are on the soundtrack along with these other songs:
Everclear - "Rock Star"
Mötley Crüe - "Wild Side"
Bon Jovi - "Livin' on a Prayer"
Ted Nugent - "Stranglehold"
Kiss - "Lick It Up"
INXS - "Devil Inside"
The Verve Pipe - "Colorful"
Give the soundtrack a listen!