Born in Varna, Kralev earned a degree from the Medical University in the city, subsequently making specializations in global marketing in the Association of the National as well as management of political campaigns at the University of South Carolina (1990) and Association of the National Advertisers of USA (1997).

[2] Kralev is among the founding members of the "New Age" (Bulgarian: "Новото Време") political party and was its deputy leader until 2012.

On 7 November 2014, Kralev assumed his duties as Minister of Youth and Sports of Bulgaria, succeeding Evgenia Radanova.

In November 2017, Krassen Kralev was elected as a member of the Board of the World Anti-Doping Agency (WADA), representing the European Union.

[5] He recovered in September 2020 after spending time in the intensive care unit of "St. Marina" hospital in Varna.