Mihajlović played for Partizan between 1961 and 1970, winning three Yugoslav First League titles (1961–62, 1962–63, and 1964–65). He was a member of the team that lost the 1966 European Cup Final to Real Madrid. In 1970, Mihajlović moved abroad to France and joined Lyon, spending there the next seven seasons. He made 233 appearances and scored one goal in the French top flight.