Slavko Petrović was a goalkeeper at Red Star Belgrade although he made no league appearances for them, before moving to Germany where he spent most of his career playing with Fortuna Düsseldorf, Rot-Weiss Essen and Wormatia Worms.
During the late 1990s he became a coach in Germany becoming the assistant coach at Karlsruher SC in 1997 after coaching FC Alemannia Groß-Rohrheim and Amicitia Viernheim earlier. In the following season he moved to SV Darmstadt 98 where he became the main manager. Until 2006 he will also be the manager of FC Carl Zeiss Jena, Fortuna Düsseldorf and SV Waldhof Mannheim. During the season 2007-08 he was coaching Zalaegerszegi TE in Hungary. In January 2011 he returned to Serbia and became the coach of SuperLiga club FK Borac Čačak. At start of the 2011-12 season he became the coach of FK Rad.