On 10 July 2014, Hierro was named assistant coach of Real Madrid, replacing Zinedine Zidane – who left to take the reins of Real Madrid Castilla – in Carlo Ancelotti's staff. He was given his first full managerial role two years later, being appointed at Segunda División side Real Oviedo for the upcoming season with the option of a further year; on 14 June 2017, after missing out on the promotion playoffs on the final matchday, he left the "Estadio Carlos Tartiere" by mutual consent.