As a child, Muharemović started playing football for his hometown club Željezničar. He was considered to be one of the biggest prospects in the club and when he had reached the senior squad, he was sent on loan to UNIS Vogošća.
One year later, he returned to Željezničar and in a course of ten seasons he played more than 300 official games for the club, scoring 127 goals.
In the winter of 2001, Muharemović moved to rich Russian second division club Volgar Astrahan. He stayed there less than a year, as he returned to Željezničar in autumn.
In the spring of 2005, he declared that he was retiring from football. Muharemović played in 172 league games for Željezničar, scoring 112 league goals in the process, a club record. He is also the joint highest goalscorer in the history of the club, alongside Josip Bukal, scoring 127 goals in all competitions.
After retirement, Željezničar's club chairman at the time offered Muharemović the position of sporting director. He accepted the offer, but after manager Nenad Starovlah was sacked in September 2006, he temporary took over his position as a replacement.
For a short period in 2015, he was manager of Velež Mostar.
On 11 April 2018, Muharemović became the new manager of Chinese club Dalian Transcendence, where he worked as an assistant manager with Rusmir Cviko previously.[3]
