An attacking midfielder known for the quality of his passing and his free kicks, Panenka played for Bohemians Praha for most of his career, joining the club in 1967. In 1981, Panenka left Bohemians for Austrian club Rapid Wien, where he won two Bundesliga titles and an Austrian Cup. In 1985 Rapid reached the UEFA Cup Winners' Cup final; Panenka played as a substitute, but his side lost 3–1 to Everton.