Mats Waltin started playing hockey with Södertälje SK in 1972 and played there until 1978 when he transferred to Djurgårdens IF. He was awarded the Goldpucken Award as the best player at the 1976 Swedish Championships. With Djurgårdens, Waltin played until 1984 and won a Swedish title with them in 1983. From 1984-87, Waltin played with HC Lugano in Switzerland, winning Swiss titles with them in 1986 and 1987, and then from 1987-89 played with EV Zug. In 1989, Waltin returned to Sweden and played with Södertälje again, but he then transferred back to Djurgårdens in mid-season and won his second Swedish title with them in 1990. Waltin finished his career in 1990-91 by playing with Södertälje. Waltin was capped 236 times with the Swedish national team. He won Olympic bronzes in 1980 and 1984, World Championship silvers in 1977 and 1981 and World Championship bronzes in 1975, 1976 and 1979. Waltin also won European Championship silvers in 1976, 1977 and 1981 and bronzes in 1975, 1978, 1979 and 1983. He was awarded the Stora Grabbars Märke (Big Boys’ Badge) #97 in ice hockey.
After finishing his playing career, Waltin worked as an ice hockey coach. From 1991-98 he was the assistant coach of Djurgårdens IF and from 1998-02 was head coach of Djurgårdens IF, coaching them to Swedish titles in 2000 and 2001. He was also manager of the 2002 Swedish World Championships team and from 2002-04 was the manager of Djurgårdens IF. In 2004-06, Waltin was head coach of Klagenfurter AC in Austria, while from 2007-08 he was head coach of the Slovenian national team. In 2010-12, Waltin was head coach of VIK Västerås HK and in 2012 became head coach of Manglerud Star in Norway.