A former professional footballer, Rui Costa was nurtured at Sport Lisboa e Benfica, where he played as a professional in the first team. He moved to Fiorentina in 1994 and, in 2001, he moved to Milan to sign for AC Milan, where he played for five seasons, winning, among other, the Champions League. In 2006, he returned to his club, SL Benfica, and ended his career at the end of the 2007/08 season. 

In 2008, Rui began his career as a manager, taking on the role of Sports Director of Sport Lisboa e Benfica and Board Member of Sport Lisboa e Benfica - Futebol, SAD. He was elected Vice President of the club in 2020 and then in 2021, President of Sport Lisboa e Benfica. In 2023, he was elected to the EFC Board.