Blagoi Kostov began his sporting career as a 400 metres sprinter before becoming a noted track and field athletics coach and referee. Up to 1960 Kostov worked as an athletics coach for the District Council of the Bulgarian Union for Physical Culture and Sports in Sofia. After that he spent the next three decades working with the Bulgarian Athletics Federation. Even though he was a coach, Kostov was listed on the Official Entry list for the 1,500 metres at the 1968 Mexico City Olympics. He ultimately did not start the event as the entry was done to get more personnel at the Olympics for Bulgaria. Under his leadership Kostov coached several prominent track and field athletes, including Ivanka Hristova, Stefka Kostadinova, Hristo Markov, Petar Petrov, and Atanas Tarev.