Bellamy started his career at Norwich making his first-team debut in the 1996/97 season. He alerted bigger clubs to his ability by scoring 13 goals in 38 games in his first full season and making his Wales debut. He scored 19 goals in 43 games the following season and after an injury-hit 1999/2000 season, he was sold for a club-record fee of £6.5 million to replace Robbie Keane at Coventry. His former manager in the Welsh international side, Bobby Gould, had great faith in young Craig: "Bellamy is a terrific talent with tremendous flair and ability. When I was working at international level, there were three outstanding prospects in the country - Michael Owen, Robbie Keane and Craig Bellamy. Craig is right up there with the other two. He's a philosopher and disciple of the game, and travels all over Europe at his own expense, watching the top clubs and learning from the best players. I was telling Premiership managers three years ago to go out and buy him, so I think it's a great signing." The Sky Blues were relegated from the Premier League in his only season but luckily for Bellamy Newcastle were fully aware of his capabilities.

Bellamy spent next four years at Newcastle and was voted PFA Young Player of the Year in his debut 2001/02 season. His boss Bobby Robson described him as "a great player wrapped round an unusual and volatile character." Knee problems curtailed his career at the Magpies and Bellamy was even worried that he might never overcome them. He still managed to play 128 games and score 43 goals. After Sir Bobby left Newcastle in 2004 Bellamy had a very public falling-out with his successor, Graeme Souness, who voiced his displeasure in his notes in Newcastle's match programme: "Craig Bellamy has been a disruptive influence from the minute I walked into this football club with his attitude to the coaching staff, to me and to his teammates." Former assistant manager of Newcastle Terry McDermott wasn't a big fan either. "I've never come across so much hatred and unrest over one person." Bellamy was sent on loan to Celtic at the end of January 2005. He scored nine goals in 15 matches in Scotland but Bellamy wasn't interested in a long-term deal. The fiery Welshman joined another fiery Welshman at Blackburn prior to the 2005/06 season. Bellamy flourished under Mark Hughes' guidance and scored 17 goals in 32 games and was considered by many the buy of the season. He had a £6 million get-out clause in his contract which Liverpool took full advantage of and this lifelong Red joined his idols. Bellamy was very inconsistent in which proved to be his only season at Liverpool when he made 33 starts and nine substitute appearances. He showed his obvious talents on occasions but unfortunately, the "highlight" was his Tiger Woods imitation on Liverpool's club trip to Portugal when John Arne Riise faced the angry Welshman and his golf club. Bellamy made light of the incident when celebrating his goal against Barcelona in February 2007 with a mock golf swing. His international manager, John Toshack, was impressed by Bellamy when commenting on him in November 2006: "Craig is the nearest thing to Kevin Keegan I have seen in 20 years. For us, he led by example and is a constant threat with his pace and running. He is so like Kevin, my old strike partner at Liverpool. Kevin could turn bad passes into good ones with his determination and running, and Craig does the same. Their work rates are very similar - Craig just runs, and runs and so did Kevin."

Bellamy played with the Hammers for one and a half season where injuries took their toll on him, but despite only managing nine goals in 26 games for 18 months, he was sold for a whopping £14 million to Manchester City in January 2009. Bellamy scored four goals in 11 matches in his debut season at Eastlands. He seemed to be fairly settled at City, missing only six of the 38 Premier League matches in 2009/10. He endeared himself to the City fans by scoring twice in a League match at Old Trafford, the second making the score 3-3 with time running out; however, there was still enough time for Michael Owen to grab a United winner in added-time. In what turned out to be his only full season at City Bellamy scored ten goals from 32 Premier League matches as well as boasting eight assists. Bellamy was on the move again, but this time on a season-long loan deal to his hometown club, Cardiff City. He was immediately named club captain, scored 11 goals from 36 matches and proved instrumental with 13 assists in 2010/11. Cardiff's quest to become a Premier League club again ended in disappointment after Reading defeated them in the end-of-season play-off semi-final.

On the last day of the 2011 summer transfer-window, 32-year-old Bellamy made a surprise return to Liverpool five years after he first arrived at Anfield. Bellamy had been granted a free transfer by Manchester City after the club agreed to settle the final year of the player’s £90,000-a-week contract, though the compensation did not total the full £4.6 million. Liverpool's Director of Football, Damien Comolli, was pleased with adding the Welshman to Dalglish's squad: "Both for Kenny and I, it was a no-brainer. He has pace, he's a good finisher, he works hard and the timing of his runs is second to none. His work-rate is really good and what we really liked is the fact he is so versatile. He can play wide, he can play up front, he can play off the target man, so he is an ideal complement to the squad we have built during the summer." Bellamy was one of the big success stories of the season. He appeared in almost three-quarters of the 51 first-team matches, even though he was rarely asked to play twice in the same week due to his physical condition. He made a significant contribution with nine goals, the most important of which was the strike that took the club through to the final of the League Cup, ironically where they met Cardiff City. In the final, he came on as a substitute for Jordan Henderson midway through the second half, applauded by both sets of fans. As Liverpool celebrated the win Bellamy made a point of going to the Cardiff fans, thanking them for their reception. He was also a substitute in the FA Cup semi-final with Everton at Wembley and laid on the winning goal for Andy Carroll, guaranteeing himself a starting place in the final against Chelsea. Bellamy contributed nine goals to the campaign, but failed to score in his last 13 games of which six were 'starts'. Bellamy left for Cardiff in August 2012, the main reason being he wanted to live with his family there, having been forced to live apart while he was at Liverpool.

Bellamy was a key figure in 2012/13 as his hometown club returned to the top division for the first time since 1962. He played in thirty-three Championship matches, scoring four times. If Bellamy was thrilled to be playing in the top division for his hometown club, his team had a quite miserable season finishing bottom of the Premier League with only 30 points and so making an immediate return to the Championship. Even a change of manager mid-way through the season did not change the club's fortunes on the field of play. Craig played in exactly half (19) of Cardiff's 38 Premier League matches. He only scored once, against Norwich City in January, but that goal meant that he had scored for seven different clubs in the Premier League. Bellamy's two-year contract with Cardiff City expired at the end of the 2013/14 season. With his 35th birthday looming in the summer, Bellamy announced his retirement as a player on 22 May 2014 saying his body could not take any more. In December that year, he returned to his old club as an academy coach, combining his role there with media work. In January 2019 he stepped down from coaching Cardiff's under-18s while investigations of bullying were investigated. The following June, he joined up with ex-Manchester City teammate Vincent Kompany who had recently been appointed as head coach of Anderlecht. Bellamy agreed a deal to coach the Belgian club's under-21 side. In 2021 he was promoted to assistant manager but left the role in September that year, saying he needed to focus on combatting depression, a condition he had battled since his playing days. Bellamy was back alongside Kompany in 2022, when the Belgian took over as manager of Burnley. 

Bellamy was assistant to Kompany for a promotion campaign which was immediately followed by relegation back to the Championship. In the summer of 2024 Kompany was surprisingly appointed as manager of Bayern Munich. Bellamy initially remained on the coaching staff at Burnley but in was allowed to leave the club to take up the vacant manager position with the Wales national side.