A native of Moscow, Bilyaletdinov started his career at hometown club Lokomotiv. After making his debut in 2004, Bilyaletdinov became a first team regular. In his first season the club won the Russian Premier League and was named the league's Young Player of the Year. He was the Lokomotiv captain for the 2007 season.
Bilyaletdinov, Billy to his mates, signed a four-year contract with Everton in August 2009 for an undisclosed fee, believed to be ₤8.9 million. He made his debut for Everton coming on as an 89th minute substitute in a 2-1 win over Wigan Athletic later in the month. He created the first 3 goals with two assists in his first ever start for Everton in the inaugural Europa League in a 4-0 win over AEK Athens. Billy would also provide an assist for Tim Cahill in Everton's 2-1 victory away to BATE Borisov. Billy's first goal for Everton was a late equaliser scored against Wolves in a Premier League game at Goodison Park on 17 October 2009 that ended in a 1-1 draw. A first red card was awarded in a match against Aston Villa which he also scored in, in October 2009. He scored again in the Europa League away game at AEK Athens to give Everton a much-needed 1-0 win to secure qualification to the knockout stages.
A former U21 international, Bilyaletdinov was first called up to the Russia national team at the age of 20. When Russia failed to qualify for the 2006 World Cup.
For the FIFA 2010 World Cup qualification he was called up for six of the ten matches and scored twice in the play-off first leg against Slovenia, which Russia won 2-1. Unfortunately his two goals were not enough as Russia lost the second leg 1-0 and Slovenia progressed to the World Cup on the away goals rule.
Billy left Everton to go back to Russia. He will be remembered for some cracking goals, but never seemed to settle into the team. He joined Spartak Moscow for an undisclosed fee believed to be around £5m in January 2012.