We present the results of a study of the stellar population in a region of 30 pc radius around SN1987A, based on an analysis of multi-band HST-WFPC2 images. The effective temperature, radius and, possibly, reddening of each star were determined for 21,955 stars by fitting the measured broad band magnitudes to the ones calculated with model atmospheres. In addition, we have identified all stars with Halpha equivalent widths in excess of 8 A, amounting to a total of 492 stars. An inspection to the HR diagram reveals the presence of several generations of young stars, with ages between 1 and 150 Myrs, superposed on a much older field population (0.6-6 Gyrs). A substantial fraction of young stars have ages around 12 Myrs which is the stellar generation coeval to SN 1987A progenitor. The youngest stars in the field appear to be strong-line T Tauri stars. This constitute the first positive detection of low mass (about 1-2 Mo) Pre Main Sequence (PMS) stars outside the Milky Way. Their positions in the HR diagram appear to require that star formation in the LMC occurs with accretion rates about 10 times higher than in the Milky Way, i.e. ~10^{-4} Mo/yr. SN1987A appears to belong to a loose, young cluster 12+/-2 Myrs old, in which the slope of the present mass function is almost identical to Salpeter's for masses above 3 Mo, but becomes much flatter for lower masses. On a large scale, we find that the spatial distribution of massive stars and low-mass PMS stars are conclusively different. This results casts doubts on the validity of an IMF concept on a small scale (say, less than 10 pc). A preliminary analysis, done for the whole field as a single entity, shows that the IMF slope for the young population present over the entire region is steeper than Gamma ~ -1.7.

31 pages, 12 figures. Accepted for publication in the Astrophysical Journal. Please contact mromanie@eso.org for the full color version of the figures. Minor typos fixed, suffix of Figure 7b changed from ps to gif