Mijatović scored 28 goals in the 1995–96 La Liga season for Valencia, which prompted a move to Real Madrid, where he scored a goal in the 1998 UEFA Champions League Final which ensured Madrid's first European Cup in 32 years. In 1997, Mijatović was named runner-up for the Ballon d'Or, behind Ronaldo and ahead of Zinedine Zidane. After his playing career, he served as director of football for Real Madrid from 2006 to 2009.