Waleed Jasem Mubarak began his football career with Kuwait SC as a youth player before joining the senior ranks in the late 1970s. With the team Mubarak won the league title in 1978–79 season, along with four Emir Cups (1980, 1985, 1987, 1988). He also played for the Kuwaiti national football team from 1979 to 1989, making 44 appearances for the side. In 1980 Mubarak was part of the team that won the AFC Asian Cup, in addition to competing in the football tournament at the Moskva Olympics. Two years later he won silver at the Asian Games in New Delhi and played in three matches at the 1982 FIFA World Cup in Spain. Towards the end of his career Mubarak won another medal at the Asian Games with bronze in 1986 in Seoul. After his playing career he became a coach with his former club Kuwait SC.
Kuwait