[1] After a short spell at Lyubimets as a player-manager in 2009, Petev was appointed as manager of Ludogorets Razgrad, following Kiril Domuschiev's purchase of the club.

On 21 July 2013, Ludogorets replaced Petev with Stoycho Stoev after poor performances against Lyubimets and Slovan Bratislava in the first leg of the UEFA Champions League qualifying rounds.

He led AEL to the first place in the regular season's league table, three points ahead of Apollon Limassol and APOEL Nicosia, which resulted in the qualification for the play-offs.

[7] In his first official game in charge, Bulgaria played a 2–2 draw at home against Italy despite leading until the 84th minute thanks to first half goals from Ivelin Popov and Iliyan Mitsanski.

During his tenure, Petev was interested in strengthening the national side by securing the services of a number of foreign-born players with Bulgarian roots such as Borys Tashchy and Nikola Vujadinović, though some issues, mainly relating to the paperwork, prevented them from making their debuts.

He was sacked on 13 July 2017, after Dinamo finished the season trophyless for the first time in twelve years, and after he fell out with several players including Ante Ćorić, Sammir and Junior Fernandes.