Born in Bobovdol, Vasilev began his football career at Cherveno Zname of Radomir, representing the team between 1961 and 1965, before moving to FC Sliven in 1967 and then to Lokomotiv Gorna Oryahovitsa in 1967–68.

He also played for Marek Dupnitsa (1968–69) and Etar Veliko Tarnovo (1969–77), featuring in 220 matches and scoring 32 goals in the A PFG.

In 1984–85 he was at the helm of Spartak Pleven and in 1985–86 he was the assistant manager of the Bulgaria national team.

He then moved to Nea Salamis Famagusta FC in the spring of 2003 and returned to Levski Sofia in 2003–04 only to once again briefly manager Union Berlin in January 2006.

In June 2007, Vasilev was announced as the new manager of Greek club Levadiakos.