Sergey Shepelyev began his hockey career with Avtomobilist Sverdlovsk in 1973. In 1974-1975 he played one season with SKA Sverdlovsk and then from 1975-79 played again with Avtomobilist Sverdlovsk. In 1979 Shepelyev joined Spartak Moskva and played there until the end of his career in 1988. Shepelyev never won a Soviet title, but with Spartak Moskva he was runner-up at the Soviet Championships four times (1981-1984) and won bronze twice (1980, 1986). Internationally, besides his 1984 Olympic gold, Shepelyev was World and European Champion three times (1981-1983). He also played on the winning Canada Cup team in 1981 and won bronze at the Canada Cup in 1984. After his playing career Shepelyev worked as an ice hockey coach in Japan from 1988-98, while from 2000-01 he coached Spartak Moskva.