Álvarez made his professional debut for River Plate on October 27, 2018, in a Superliga Argentina match against Aldosivi.

Álvarez participated in the 2018 Copa Libertadores final against Boca Juniors at Santiago Bernabéu, helping River Plate win the continental title.

Álvarez finished as the top scorer in the Argentine Primera División in 2021, leading River Plate to the championship.

Álvarez was signed by Manchester City in 2022, where he won a treble of the Premier League, FA Cup, and UEFA Champions League in his debut campaign.

Álvarez left Manchester City for Atlético Madrid in 2024 in a club-record departure deal worth up to €95 million.