He is the longest-serving president of the Bulgarian Football Union, he has been at the head of the organization for 16 years.

Mihaylov was captain of the Bulgaria national team during their major fourth-place run at the 1994 FIFA World Cup (during the shoot-out against Mexico at the 1/8-final stage he saved two penalties), as well as during their participation in UEFA Euro 1996.

He also played at the 1986 FIFA World Cup and 1998 FIFA World Cup and is currently the second most-capped player of the Bulgaria national football team with 102 appearances, and the footballer with the most matches played (60) as captain.

After retiring from active sports he started a career in football administration.

[citation needed] On 15 October 2019, Mihaylov resigned as President of BFU after being asked to step down for ignoring racist behavior during games.