Simultaneous to his studies Stanković played professionally for Crvena zvezda (1946–1948), Železničar Beograd (1948–1950) and Partizan (1950–1953) and was on the Yugoslav national team for five years in early 1950s. After he retired from the game, he coached OKK Beograd for ten consecutive seasons (1953–1963) and for a season in 1965. He then moved on to Italian club Pallacanestro Cantù, spending three seasons as its head coach (1966–1969).
Many observers feel it was Borislav Stanković who encouraged foreign basketball players to apply their trade in the NBA. Other than Serbian, he fluently speaks six other languages and was inducted into the Basketball Hall of Fame in 1991 as a contributor. In 2007, he was enshrined as a contributor in the FIBA Hall of Fame.
FIBA has named the annual international basketball cup after him, "Stanković Cup".
In his book "Dream Team – How Michael, Magic, Larry, Charles, and the Greatest Team of All Time Conquered the World and Changed the Game of Basketball Forever" (2012), American novelist and sportswriterJack McCallum praises Stanković (incorrectly referred to him as Boris) for his role in allowing NBA pros to compete for their national teams in the Olympics, and later in the Basketball World Cups organized by FIBA.