Manchester United reserve team player Martin Russell spent February 1987 on loan to Norwich but did not make the first team. Neither did he make an appearance for the Red Devils but the Dublin born midfielder did win Republic of Ireland under 21 caps whilst with United. He also spent a loan spell with Birmingham City in October 1986 making 5 appearances (2 as substitute). He transferred to Leicester City in March 1987 making 20 appearances (7 as substitute). He moved to Scarborough in February 1989 and made 51 appearances for them scoring 9 times. He joined Middlesbrough in March 1990 and had made 11 appearances, scoring twice .

He joined Irish side Portadown in August 1991 and made over 100 appearances for them before transferring to St Patrick's Athletic in July 1998. He was appointed Assistant Manager to new boss Eamonn Collins in March 2003.

He joined League of Ireland side University College Dublin in 2005 originally as first team coach and then as Assistant Manager. He was appointed manager in January 2009. He won the First Division title in his first season, gaining promotion to the Premier League where he kept them for four seasons. He joined St Patrick's Athletic as Assistant Manager in February 2014.

In July 2014, he left St Patrick's Athletic to become the manager of struggling Premier Division side Limerick FC, who had fired manager Stuart Taylor. Russell successfully kept the club in the Premier Division, but Limerick were relegated the following season, losing a playoff 2–1 on aggregate to Finn Harps. Tasked with bringing the club straight back to the top flight, Russell guided Limerick to the first Division title in record time, as well as reaching the final of the EA Sports League Cup, which they lost to his old club St Patrick's Athletic.

He left Limerick by mutual consent in April 2017.

In April 2018, Russell was appointed by Bray Wanderers in an advisory role to caretaker manager Graham Kelly. On 8 June, Russell was appointed as first team manager at Bray after Kelly's caretaker role reached the maximum 60 day mark. Russell quit on 18th July due to the club's financial turmoil.

On 9th November 2021, Russell was appointed as manager of Athlone Town in the League of Ireland First Division. After going winless, drawing one and losing seven, he parted company on 10th April 2022. Later that year he became manager of Leinster Senior League club Newbridge Town.