[1][2] At club level, Karpin played for Fakel Voronezh (1989), Spartak Moscow (1990–94), Real Sociedad (1994–96 and 2002–05), Valencia (1996–97) and Celta Vigo (1997–2002).

[4] In August 2008, Karpin was named as Director General of Spartak Moscow, replacing Sergei Shavlo.

In April 2009, following a poor run of results, he replaced Michael Laudrup as caretaker manager of the club.

[6] On 18 March 2014, Karpin was relieved from his duties, after exiting the Russian Cup to third division FC Tosno and drawing with top flight's bottom side Anzhi Makhachkala.

Under his management, the team (by then renamed to FC Armavir) was relegated back to the third-tier PFL, and on 23 June 2016, he left the club "by mutual consent".

[10] On 23 July 2021, Russian Football Union hired him as manager of the Russia national team until 31 December 2021 (for the duration of the World Cup qualification campaign).

[13] On 10 March 2022, Karpin extended his contract with the national team until the end of 2022, and also returned to the manager position at FC Rostov.

[18] On 5 November 2022, Karpin extended his contract as the national team manager to 1 August 2024, with the suspension from international competitions still in place.