In 2007, Iordănescu retired from football, and the following February, after his predecessor resigned, he became a member of the Romanian Senate, sitting on the Social Democratic Party benches.

[6][7] One of Steaua București's greatest players, Iordănescu was a forward or attacking midfielder with a well-developed scoring technique and uncommon dribbling ability.

In 1982, aged 32, Iordănescu left Romania to play for OFI Crete in Greece under head coach Les Shannon, but returned to Steaua two years later to become the club's assistant manager.

Together with Emerich Jenei, then head coach, he won the championship in 1985 and helped lead the team to its European Cup triumph in 1986, playing as a substitute in the final against Barcelona.

[13] After Romania failed to qualify for the 2002 World Cup, Iordănescu was asked to replace Gheorghe Hagi, thereby becoming the national football team's coach for the second time.

Saying that there was no one else both better than he and available to take charge of the national team, the Romanian Football Federation gave him credit for the 2006 World Cup qualifying stage, but after a poor performance away against Armenia, he was finally sacked.

[15] On 27 June 2016, he resigned as Romania coach after an unsuccessful Euro 2016 finals campaign, finishing last place in Group A with just one point earned, from a 1–1 draw with Switzerland.