After a career as a diplomat, he was chosen by the Council of Regents, who at the time had power in Bulgaria, to form a government capable of negotiating peace.

He saw his mission as removing Bulgaria from the war before the arrival of the Red Army and so attempted to open negotiations with the Western Allies.

[2] However, the coup by Michael I of Romania on August 23, 1944 severely damaged this plan as it ended effective Romanian resistance and allowed the Red Army a free hand to advance into Bulgaria.

However, Bagryanov's insistence on neutrality, rather than declaring war on the Axis Powers, hamstrung negotiations with the Allies and he was removed from government.

After the Communist-led Fatherland front came to power he was amongst those tried for war crimes by the People's Court and executed on 1 February 1945 along with the regents of Bulgaria and other ministers and deputies.