Russo's career as a coach included stints at
Estudiantes de La Plata and
Lanús (both of whom he helped promote), and other sides in Argentina, Mexico, Chile, and Spain. In June 2005, he won the
2005 Clausura tournament with
Vélez Sarsfield, his first title as a coach in the Argentine top division. On 15 December 2006, he was signed by
Boca Juniors to replace
Ricardo La Volpe. With Russo at the helm, Boca Juniors took second place in the
2007 Clausura tournament and won the
2007 Copa Libertadores. After Boca, Russo managed
San Lorenzo between 2008 and 2009. After losing to
San Luis Potosí and being eliminated from the Copa Libertadores, the coach has announced his decision to resign on 9 April 2009. On 15 April 2009, Russo joined
Rosario Central, replacing
Reinaldo Merlo and just two months later on 14 July 2009 the coach quit the team. The former midfielder then managed
Racing Club between 2010 and 2011. On 21 June 2011, less than a week after resigning as coach of Racing Club, Russo signed a contract to again coach his former club, Estudiantes de La Plata, being his second stint as an Estudiantes coach, having done so in 1994. On 6 November 2011, after Estudiantes was defeated 3–1 by
Godoy Cruz and in turn falling to last place with only 10 points in 14 games, Russo resigned as manager, less than five months after having assumed charge. He then had a successful stint at Rosario Central, winning the
2012–13 Primera B Nacional and reaching the final of the
2013–14 Copa Argentina. In 2015, Russo agreed to become manager of Vélez Sarsfield, his second spell at the club. On 23 December 2016, he was chosen to train
Millonarios F.C. from Bogotá, Colombia after the untimely departure of Diego Cocca. On 17 December 2017, he was crowned Champion of the second half of 2017 with Millonarios F.C. (Torneo Clausura), to which he gave them the title number 15 after winning the first leg 1–0, and then drawing 2–2 against Independiente Santa Fe. With this victory, Millonarios F.C. will go directly to the group stage of the Copa Libertadores played among the best club teams in South America. On 4 January 2019, he was officially appointed the new
Alianza Lima coach. However, he decided to terminate his contract for personal reasons and poor results. On 7 June 2019, his transfer to
Cerro Porteño was made official. On 6 October 2019, after losing to Deportivo Capiatá, the club decided to do without its services. In January 2020, he started his second cycle with Boca Juniors, two months later he obtained a new title winning the
2019–20 Superliga beating River Plate led by Marcelo Gallardo in the final stretch. After being eliminated by Santos (BRA) from the
CONMEBOL Libertadores, Boca Juniors played
Copa Diego Maradona final against Banfield. This match ended in a tie in one, and finally, Boca Juniors became champions by winning the penalties. On 17 August 2021, he was sacked by the club. Russo spent most of the 2021–22 season in charge of
Al-Nassr in Saudi Arabia, before returning to Rosario Central on 18 December 2022. He later returned to San Lorenzo before being appointed for a third stint at Boca Juniors ahead of their participation in the
2025 FIFA Club World Cup. ==Personal life and death==