Born in Redondela, Province of Pontevedra, Galicia, and a product of local RC Celta de Vigo's youth academy, Couñago made his professional debut in Segunda División, loaned to CD Numancia,[2] but returned in January 1999 to his first club, failing to appear in La Liga in his first spell.

[3] After impressing in a Spain under-21 4–0 win over England at Birmingham City's ground, Couñago was signed by Ipswich Town in the late spring of 2001, as manager George Burley had been in the stands watching his performance.

[5] Despite a slow start to his Ipswich career, Couñago found his goal scoring form following the club's relegation to the First Division.

On 29 August, he scored a hat-trick against FC Avenir Beggen in the 2002–03 UEFA Cup, in an 8–1 home thrashing, 9–1 on aggregate over two ties.

[9] Couñago did not feature as regularly during the 2004–05 season due to the form of first-choice strike partnership Darren Bent and Shefki Kuqi.

After being released by Málaga, Couñago re-signed for Ipswich on a two-year deal on 13 July 2007, extendable to three if the club gained promotion.

[19] On 20 August 2010, Couñago joined Crystal Palace on a season-long loan, reuniting with former Ipswich boss George Burley.

[20] On 6 November 2010, Couñago scored his first goal for Palace, in a 1–2 loss at Middlesbrough,[21] opening his home account on the 27th in the 1–0 win over Doncaster Rovers.

In June 2011, aged nearly 32, he was released by Ipswich Town after making over 200 appearances and scoring over 60 goals during a combined eight years at the club.

[24] Couñago was joint-top scorer and received the Golden Shoe award in the 1999 FIFA World Youth Championship, as the Spain under-20 team emerged victorious.