Starting in 1979 Fomenko has coached numerous Ukrainian clubs, most notably Dynamo Kyiv, winning its first Ukrainian gold medals, first Ukrainian Cup both in 1993 and most notably, beating Barcelona in the very first leg of the Champions League tournament. Barcelona ended up to be finalist of that 39th season of the UEFA Champions League. Before that success, in the end of 1989, he promoted Georgian club FC Guria Lanchkhuti to the Soviet Top league and in 2001 reached Ukrainian Cup final with CSKA Kyiv what is the best result in club's history. On 26 December 2012 Fomenko was given a one-year contract with a possible second-year extension as head coach of Ukraine's national football team. After the Football Federation of Ukraine had failed to contract Harry Redknapp and Sven-Göran Eriksson for that position. Fomenko has coached Ukraine to 6 World Cup Qualifier wins against Poland(x2), Moldova, Montenegro, San Marino, France, 1 draw against England, and lost away to France in the WC play-off 2nd leg. Mykhaylo Fomenko has indicated he would like to continue is his role and lead Ukraine in the Euro 2016campaign. On 6 February 2014 the Football Federation of Ukraine announced Fomenko's contract with them was extended until the end of 2015.