After beginning his career in his home town team of Degerfors, he spent time in the top flight for Örgryte before he got signed by Malmö FF before the 2007 season.

Having spent two seasons with Malmö, breaking through with 14 league goals in 2008, he joined Eredivisie club PSV Eindhoven in January 2009.

After a successful spell with Rennes in Ligue 1, Toivonen had a stint with Sunderland in the Premier League before returning to France in 2016 to suit up for Toulouse.

[4] This drew the attention of some Premier League and Eredivisie clubs, most notably West Ham United and PSV Eindhoven.

[22] In PSV's second game back following the winter break, Toivonen netted the equalizing goal in a 2–1 win against Willem II.

[23] A month later on 20 February 2011, Toivonen scored the third goal, in a 4–1 home win against NAC Breda that saw PSV move two points clear at the top of the Eredivisie.

After embarrassingly losing 10–0 in the first meeting of the season, Feyenoord responded by winning 3–1, Toivonen scored the only goal for the Boerens,[27] ending PSV's title hopes.

[29] With strike partner Balázs Dzsudzsák leaving PSV to join Russian Premier League side Anzhi Makhachkala,[30] Toivonen was required to fill in and contribute with more goals for the new season.

[31] He followed this effort up with another goal in his side's 5–0 thrashing of Austrian Bundesliga outfit SV Ried in the qualifying stages of the Europa League.

At the end of the season, PSV wanted to sell Toivonen as he had refused to extend his contract which would expire in the summer of 2014.

Norwich City showed interest in the player, but preferred countryman Johan Elmander after Toivonen had been dawdling too long in the opinion of the club.

[35] On 28 August 2015, Toivonen joined Premier League side Sunderland on a season-long loan, linking up with his former manager at PSV Dick Advocaat.

[36] The following day, he made his debut as a half-time substitute for Lee Cattermole in at Aston Villa, and assisted former PSV teammate Jeremain Lens's equaliser in a 2–2 draw.

[42] On 30 September 2019, in advance of the 2019–20 campaign, Toivonen was named the Victory's new club captain replacing Carl Valeri who held the position between 2015 and 2019.

[41] In May 2020, Toivonen was reported as having rejected a contract extension to return to former club Malmö FF on a free transfer.

[54] Leading up to the 2010 FIFA World Cup in South Africa, Sweden played Bosnia and Herzegovina in a friendly on 29 May.