He subsequently studied German, French and Greek literature at Uppsala University.
In 1978–1980, Hultgård was a visiting researcher at the Swedish Theological Institute in Jerusalem, where he led an archaeological expedition.
From 1985 to 1990, Hultgård was Professor of Religious Studies at the University of Bergen, where he lectured particularly on Norse mythology.
Hultgård subsequently lectured at Uppsala University, where he in 1995 was appointed Chair of Religious History, with a particular focus on Indo-European religions.
Hultgård is a member of the Nathan Söderblom Society and the Royal Gustavus Adolphus Academy.