Born in Koprivshtitsa,[2] his older brother Lyuben initially became more well known as a writer and leading member of the Bulgarian Revolutionary Central Committee.

[7] He joined Stefan Stambolov and others as a member of the Regency Council after the abdication of Alexander of Bulgaria in 1886, serving a brief third spell as Prime Minister in August of that year.

Karavelov was criticised as a poor public speaker who let his ego determine many of his political decisions, although supporters lauded him as a pragmatist and a statesman with a keen academic mind.

[1] In contrast to Karavelov's earlier opinions, the new group favoured a free hand in foreign policy but preferred a closer relationship with the western European powers rather than Russia.

[9] By this point he was recognised as the "grand old man" of democratic liberalism in Bulgaria and was the centre of a wide circle of influential followers in the nation's capital Sofia.