Axelsson played for Rännbergs IK, IFK Sunne and IK Sleipner before making his top flight debut in the Allsvenskan in 1964, with GAIS. He was a valuable defender for the Gothenburg club and played 71 games for them. In 1967, he turned professional with Club Brugge KV in Belgium, where in 6 seasons, he played 153 games and scored 4 goals for the club. He then played for A.S.V. Oostende K.M. (1973–76) and was a player-coach for K.V. Kortrijk.