On 3 June 2000, then 17 years old, he made his official debut in professional football in a match against Beroe Stara Zagora as a 65th-minute substitute.

On 20 March 2010, he scored his first goal in the Bundesliga for the Dortmund side in the 3–0 home win against Bayer Leverkusen.

On 11 July 2012, Rangelov joined Swiss Super League side FC Luzern on a two-year contract for an undisclosed fee, though media reports estimated it to be between €300,000 and £350,000.

[10][11] Four days later, he made his debut in a 1–1 home draw against FC Zürich, playing the full 90 minutes.

[13] In October 2018, Rangelov joined Energie Cottbus for the third time in his career having signed a contract until the end of the season.

Rangelov moved to German club VfB Krieschow, playing in the fifth-tier NOFV-Oberliga Süd, in 2021.