He started his career with Boca Juniors, and signed with Valencia in 2008 where he remained for several years, appearing in 162 official games and winning the 2008 Copa del Rey.

Born in Rosario, Santa Fe, Banega came through the youth ranks at Boca Juniors, reaching the first team at 18, and winning immediate recognition thanks to his passing average and his performances in the Primera División.

[6] He made his official debut as a substitute during the Colchoneros's 3–0 away victory over PSV Eindhoven, in the first group stage match of the season's UEFA Champions League.

[9] Following his return from Atlético, it appeared that Banega was to join English club Everton,[10] but a move did not materialise due to problems acquiring a visa.

[20] On 27 May 2015, Banega started for Sevilla in the 2015 UEFA Europa League final defeat of Dnipro at Poland's National Stadium,[21] being named player of the match in the process.

[22] On 11 August, in the ensuing edition of the UEFA Super Cup, he scored the fastest ever goal in the competition through a third-minute free kick, but in a 5–4 loss to Barcelona.

[33] Banega was named in Inter's Europa League squad,[34] starting in their first match against Hapoel Be'er Sheva, which finished in a 0–2 defeat at the San Siro.

[42] He was sent off in his first league game in his second spell for allegedly insulting the referee, immediately after being booked for committing a foul in the last minutes of the 1–1 home draw against Espanyol.

[46] Banega was selected for the Argentine under-20 team, alongside Sergio Agüero, for the 2007 FIFA World Cup in Canada, appearing in all seven games for the eventual champions.

[50] In spite of a solid season with Valencia, Banega was not selected for the 2010 FIFA World Cup in South Africa by manager Diego Maradona.

On 26 March 2013 he scored his first goal, finishing a Clemente Rodríguez cross to equalise in a 1–1 draw away to Bolivia in the 2014 World Cup qualifiers,[53] but was not chosen for the squad that appeared in the finals.

[63] A tactically intelligent and versatile playmaker, Banega is mostly known for his technical skills, dribbling ability, quick feet, vision and accurate passing, which enables him to retain possession, dictate the tempo of his team's play in midfield and create goalscoring opportunities for his teammates.