During his career Kobelev played for FC Dynamo Moscow (three spells, more than 250 Russian Premier League appearances and nearly 50 goals), Real Betis and FC Zenit St. Petersburg, retiring at 34.

With the Spanish side, he played in two Segunda División seasons, and was still in roster for the 1994–95 campaign, but failed to compete in La Liga.

In 2006, Kobelev took up coaching, starting with his first team Dynamo Moscow following the sacking of Yuri Semin due to poor results.

[1] In June 2011, Kobelev was appointed at FC Krylia Sovetov Samara.

[2] In November of the following year, following a poor start to the season, he resigned and left his place to caretaker Aleksandr Tsygankov.