In 1975, he was named European Footballer of the Year, winning the Ballon d'Or, becoming the second Soviet and the first Ukrainian player to achieve such a feat. In 2011, Oleg Blokhin, together with Igor Belanov and Vitaliy Starukhin were named as "the legends of Ukrainian football" at the Victory of Football awards.
Blokhin was one of the greatest forwards in the world throughout the 1970s, hitting the target regularly through a period of great success at his hometown club Dynamo Kyiv and becoming the greatest goalscorer in the history of the Soviet League. Only the regime in the Soviet Union prevented him from moving abroad to play in Europe's strongest leagues. Normally a forward or winger, Blokhin was most renowned for possessing exceptional pace.
Blokhin played during most of his career for Dynamo Kyiv, becoming the USSR national championship's all-time leader and goalscorer with 211 goals, as well as making more appearances than any other player with 432 appearances. He won the championship 8 times. He led Dynamo to the UEFA Cup Winners' Cup in 1975 and 1986, scoring a goal in each final. Blokhin is also the USSR national football team's most capped player with 112 caps, as well as their all time leading goalscorer with 42 goals; he played in the 1982 and 1986FIFA World Cups where he scored 1 goal in each. He was one of the first Soviet players to play abroad, signing for Austria's Vorwärts Steyr in 1988, he also played in Cyprus with Aris.
He began serving as the head coach of the Ukrainian national team in September 2003. Under his leadership, Ukraine reached the quarter-finals of 2006 World Cup. There, Ukraine lost to Italy, who eventually progressed to become the 2006 World Champion. Following the side's failure to reach UEFA Euro 2008, Blokhin stepped down as coach on 6 December 2007.
On 14 December 2007, he was named head coach of FC Moscow. The club finished 9th (from 16) and after the season ended Blokhin was fired from the club. At the end of the season, Blokhin announced that if he knew how things would go in FC Moscow, he would have never signed there. This was because the club released many important players without Blokhin's permission yet still had many high expectations. Others said that the reason Blokhin failed in FC Moscow was that he and the press didn't have a friendly relationship, and because of that the press was constantly attacking Blokhin and that damaged his status among the players.
On 21 April 2011 Blokhin was again appointed head coach of the Ukrainian national team.
Dynamo Kyiv signed Blokhin to lead the club for the next four years on 25 September 2012; he will continue to lead Ukraine in the World Cup qualifiers against Moldova and Montenegro in October 2012.
Blokhin was married to Irina Deriugina, (Soviet/Ukrainian gymnast) world champion in free-stand exercise, but the couple divorced in the early 1990s. Blokhin & Deriugina have a daughter named Irina Olehivna Blokhina who wrote and performed the Euro 2012 anthem.
Blokhin's father Vladimir Ivanovich Blokhin is a native of Moscow, a veteran of the World War II, survivor of the Leningrad blockade, former Soviet law enforcement agent. Vladimir Blokhin later worked as a sports functionary for the Soviet Dynamo Society. Blokhin's mother nee Adamenko is from a village of Borodyanka Raion which is very close to Kiev. Originally worked as sewing machine lady at a Kiev sawing factory, but eventually discovered hidden athletic talents and became the Soviet champion in track and field as well as pentathlon. After retiring from sports, she became university staff member of one of the Kiev's universities.