[citation needed] Palankov began his career at Litex Lovech where he made 37 A PFG appearances.

He made his debut on 13 March 2004 in a 1–0 home win over Pirin Blagoevgrad and scored his only goal for Litex against Rilski Sportist on 13 August 2006.

Whilst at Litex he spent time out on loan at Belite orli, Vidima-Rakovski and Cherno More before joining Pirin Blagoevgrad on a permanent basis in the summer of 2007.

[2] He made his second Cherno More debut on 19 July, as a substitute against his previously club Chernomorets Burgas, on the opening day of 2013–14 season.

On 7 December, Palankov scored a last-minute winning goal for the 2–1 victory over Neftochimic Burgas.