He began his career with Monaco, where he scored 20 goals in 105 professional games, winning Ligue 2 in his first season and finishing runner-up in Ligue 1 in the second. In 2015, he joined La Liga side Atlético Madrid for a reported €20 million, scoring in the final as they were runners-up in the UEFA Champions League. After a two-year spell with Dalian Professional in the Chinese Super League, Carrasco returned to Atlético in early 2020 on a loan basis. In September 2020 it was announced that Carrasco would officially transfer to Atletico on a permanent basis and would sign a contract for four years.