Born in Sofia, Kostadinov started his career in CSKA Sofia. There he formed a redoubtable trio with Hristo Stoichkov and Luboslav Penev in the late 1980s, helping the team to win three times the Bulgarian Championship title, three times the Bulgarian Cup and reached the semi-final of the Cup Winners' Cup.
He played for FC Porto from 1990 to 1994, winning the Portuguese league twice, and becoming popular among Portuguese fans. He also played for Deportivo de La Coruña, Bayern Munich (winning the UEFA Cup with them in 1996 and scoring in the final itself), Fenerbahçe, Mainz 05, and UANL Tigres.
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