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On 19 December 2017, Karpin was announced as the new manager of FC Rostov on a two-and-a-half-year contract.

In 2016, he started working as analyst with Match TV. On 16 February 2017, he was appointed editor-in-chief of football broadcasts for the channel. He left the channel on 24 July 2017.

He joined FC Torpedo Armavir for the 2015–16 season after it was newly promoted to FNL. Under his management, the team (by then renamed to FC Armavir) was relegated back to the third-tier PFL, and on 23 June 2016, he left the club "by mutual consent".

On 18 March 2014, Karpin was relieved from his duties, after exiting the Russian Cup to third division FC Tosno and drawing with top flight's bottom side FC Anzhi Makhachkala. On 12 August 2014, he was appointed at the helm of RCD Mallorca.

After the sacking of the newly appointed manager Unai Emery on 25 November 2012, Karpin took the responsibility of caretaker manager up until the end of the year. He later officially became the team's coach again and wasn't the caretaker anymore.

In 2003, he took up Estonian citizenship, keeping the Russian one. In August 2008, Karpin was named as Director General of Spartak Moscow, replacing Sergei Shavlo. In April 2009, following a poor run of results, he replaced Michael Laudrup as caretaker manager of the club. On 18 April 2011, Karpin declared resignation from his position following one of the worse starts in club history. Eventually, he continued working as a manager up to the end of 2011–12 season.

In 2009, he was part of the Russia squad that won the 2009 Legends Cup.

In 2007 Karpin became the holder of road bicycle racing team Karpin-Galicia. He also owns a real estate company with former Celta Vigo team-mate Michel Salgado.

Karpin has four daughters named Veronika (born in 1990), Maria (born 23 February 1996), Valeria (born 18 February 2001) and Daria (born 4 September 2018). Since 2017, Karpin is married to an English teacher and singer Daria Gordeeva (before that he was married twice).

For Russia, Karpin has been capped 72 times, scoring 17 goals (he was also capped once for the CIS). He scored Russia's first goal after the breakup of the Soviet Union, in a 2–0 win against Mexico on 17 August 1992. Karpin played for Russia at the 1994 World Cup, Euro 96, and the 2002 World Cup.In 2003, he won Cyprus International Football Tournaments when Russia beat Romania

At club level, Karpin has played for Fakel Voronezh (1989), Spartak Moscow (1990–94), Real Sociedad (1994–96 and 2002–05), Valencia CF (1996–97), and Celta Vigo (1997–2002). He retired at the end of the 2004–05 season with Real Sociedad.

Valeri Georgievich Karpin (Russian: Валерий Георгиевич Карпин ; born 2 February 1969) is a Russian football manager of FC Rostov and a former midfielder, primarily a right midfielder.