After finishing his playing career in 1973 Byshovets worked in Dynamo Kyiv's football school. In 1988 he won the Olympic gold with the Soviet team. He has also managed various clubs and three national teams (USSR, Russia, and South Korea).
After having been for one year out of work Byshovets became coach of FC Lokomotiv Moscow. In 2007 Lokomotiv with Byshovets won the Russian Cup which brought Byshovets a more positive image from both the press and the fans. But despite the club's Champions League ambitions under Byshovets Lokomotiv was underachieving in the Russian Premier League. Next day after the end of 2007 season he was sacked.
In October 2009, he was hired as a consultant by FC Kuban Krasnodar. He left Kuban just over a month later, on 17 November 2009.