During his playing career he represented
FK Sloga Kraljevo,
FK Proleter Zrenjanin,
FK Vojvodina in Serbia and
APOEL,
Enosis Neon Paralimni,
Olympiakos Nicosia,
Anorthosis and
Omonia in Cyprus. Mihajlović scored three goals in 18
Yugoslav Second League matches for Proleter during the 1989–90 season, and led the team in scoring with ten goals in 31
Yugoslav First League matches during the 1990–91 season. He was an excellent attacking midfielder and skilled at
free kicks. During his tenure with
Omonia he struck a partnership with
Rainer Rauffmann. Together they led
Omonia to 2 championship titles and 1 cup win. He had previously won 2 championship titles and a cup with
Anorthosis. During his final season with Omonia (2004–2005) he was put in charge as player-manager for the club. However, after a few months he decided to step down and return to his former role with
Henk Houwaart replaced him. His final match was at the
2004–2005 Cypriot Cup final in which
Omonia defeated
Digenis Morphou 2–0. As a gesture of appreciation for his services to the club he was brought on as a substitute and also lifted the trophy with
Costas Kaiafas. He was 37 years old at the time. He was
director of football for
AC Omonia for three years before moving on to the same role for
Alki Larnaca. On 8 April 2016 he was announced as new manager of ASIL Lysi. In March 2018 he took over as manager of
Olympiakos Nicosia. ==Honours==