Bengt Gustavsson started playing at the senior level in 1947 with IFK Norrköping, staying with that club through 1955. He later played for Atalanta Bergamo (in Italy) (1956-61) and Åtvidabergs FF (1961-65). Gustavsson played on three Swedish Championship teams, winning titles in 1948, 1952, and 1956. He also played at the 1958 FIFA World Cup, and earned 57 international caps in all during his time on the national team from 1951-63. In 1953 he was named Swedish Player of the Year.
Gustavsson later became a football manager, leading Åtvidabergs FF from 1964-70, and was then the coach of the Swedish youth team in 1971-72. He then coached Östers IF (1973-74), IFK Norrköping (1975-78), Hammarby IF (1979-81), and IK Sleipner (1982-83), before finishing his coaching career as an assistant back with IFK Norrköping in 1985.