Barakat began his career at unheralded Sekka but really found his feet when he joined Al-Ismaily – just about the only club in Egypt with the ability to stand up to the 'big boys' of Al Ahly and Zamalek.

Mohamed Barakat won the BBC African Footballer of 2005 award ahead of Cameroon's Samuel Eto'o and Obafemi Martins of Nigeria.

He was also named the best player in Africa's continental club competition by the African Football Association for the same year, as he scored 7 goals in the CAF Champions League 2005.

After the Port Said Stadium clashes, on 1 February 2012, Barakat decided to retire from professional football, along with Emad Motaeb and Mohamed Aboutrika.

Barakat ended his international career on 18 November 2009 after his dream to reach the 2010 FIFA World Cup was crashed by Algeria that won 1–0, he told the press about that discussion on 11 August 2010.