Luzhnyi signed for Dynamo Kyiv in 1989 and became a regular at right-back, winning the domestic double in 1990 and seven consecutive Ukrainian league titles between 1993 and 1999.

He was the captain of Dynamo Kyiv's Champions League sides that defeated Barcelona 3–0 at home and 4–0 away in the group stage of the 1997–98 season and eliminated holders Real Madrid 3–1 on aggregate in the quarter finals en route to the semi-finals in 1998–99.

He spent a single season there, but only made ten appearances for the side, and was released by Wolves in the summer of 2004 following their relegation from the Premier League.

On the international stage, Luzhnyi made his debut at the age of 20 for the Soviet Union in 1989, winning eight caps but missing the 1990 World Cup because of injury.

He led the club to three league wins in three matches, including a 2–1 home victory against perennial rivals Shakhtar Donetsk, as well as into the semi-finals of the Ukrainian Cup.

However, during the same period Dynamo suffered heavy Champions League defeats away at Manchester United and Sporting Lisbon and at home to Roma.