On 23 August 2005, Iliev scored a goal, which helped CSKA secure a historic 1–0 away win over Liverpool in the third qualifying round of the Champions League.

However, it did not help them qualify for the Champions League group phase, as the "armymen" were eliminated after an aggregate score of 2–3, having lost their home game.

He developed a knack for scoring key goals for CSKA making good use of his powerful heading ability.

In April 2006, Iliev was given the captain's armband, as Emil Gargorov was stripped from that role as a result of loss in the Eternal derby of Bulgarian football against Levski Sofia.

On 28 September 2006, he scored his second-ever European goal in a 2–2 home draw (after extra time) against Beşiktaş in the first round of the 2006–07 UEFA Cup.

Iliev signed with Russian side Terek Grozny in February 2008 on a two-and-a-half-year deal for a reported fee of €750,000.

On 2 November 2008, Iliev scored another vital goal, this time a last-minute equaliser, in a 1–1 home draw against FC Moscow.

[8] On 11 February 2010, Iliev signed a one-and-a-half-year contract with Romanian club Universitatea Craiova as a free agent.