Gheorghe Mulțescu was born on 13 November 1951 in Botoroaga, Romania, starting to play junior level football in 1963 at Steaua București.

[3][5] His first performance with The Miners was reaching the 1972 Cupa României final where coach Eugen Iordache used him all the minutes in the eventual 2–0 loss in front of Rapid București.

[3][11] Mulțescu was transferred at Dinamo București in 1979 where for several years he would form a successful offensive trio with Ionel Augustin and Costel Orac, together being called "AMO" by the fans, a nickname inspired by their initials from the first letters of their family name.

[16] He played 20 games in which he scored nine goals in European competitions for The Red Dogs, helping the team eliminate Inter Milan in the 1981–82 UEFA Cup edition and he appeared in seven matches in the 1983–84 European Cup season, scoring one goal against Kuusysi Lahti and two in both legs of the 5–3 victory on aggregate against title holders, Hamburger SV, the first one being a spectacular shot from about 40 meters, reaching the semi-finals where the campaign ended in front of Liverpool.

[3][5][4][18][19] He spent his last season as a player in Divizia A at CSM Suceava, making his last appearance on 17 December 1987 in a 0–0 with Petrolul Ploiești, earning a total of 407 matches played with 111 goals scored in the competition.

[3][4][5][8][14][19][20] Mulțescu won the Universiade gold medal with Romania's students football team in the 1974 edition that was held in France, playing alongside László Bölöni, Dan Păltinișanu, Romulus Chihaia and Paul Cazan.