As a youth player Balayev was a member of Neftçi youth system, before he was promoted to the first team in 2011. Balayev made his debut for Neftchi in an Azerbaijan Premier League match against Sumgayit in September 2012.[3] In 2013 Balayev was sent on a season loan to Araz-Naxçıvan.[4]
Balayev moved from Neftçi to Bundesliga club Eintracht Frankfurt in January 2014.[5][6][7] However, he failed to make an appearance for the club and was released in June 2016.[8]
In January 2019, Balayev moved from Sabail to Kazakhstani club Tobol.[9] He made his professional debut for Tobol in the Kazakhstan Premier League on 9 March 2019, starting in the home match against Irtysh Pavlodar, which finished as a 3–0 win.[10] On 31 January 2020, Balayev left Tobol by mutual consent.[11]
On 3 March 2020, Zira announced the signing of Balayev on a contract until the end of the 2019–20 season.[12]
On 10 July 2020, Balayev signed a contract with Qarabağ FK.[13] On 3 March 2022, Balayev left Qarabağ.[14]