Bugno was a versatile rider, able to do well in different types of races. He won numerous stages in the Tour de France, and the Milan–San Remo classic in 1990. In 1991 he won the Clásica de San Sebastián, and in 1994 he won the Tour of Flanders.

Bugno's greatest success was the double victory in the World Championship. In 1991 he beat Steven Rooks of the Netherlands and Miguel Indurain of Spain, and in 1992 finished ahead of Laurent Jalabert of France and Dmitri Konyshev of Russia.

Bugno's performance in the Grand Tours, however, was over-shadowed by Miguel Indurain. Bugno's victory in the Giro d'Italia in 1990 is considered one of the most dominant performances in that race — he led from start to finish. While he won the Giro in 1990, he finished second to Indurain in the Tour de France in 1991 and third behind Indurain and Claudio Chiappucci in 1992. In a battle in the 1992 Tour, Indurain kept his calm despite Chiappucci's attack in the Alps; Bugno had to chase and cracked in the final parts of the stage. Indurain was quoted as saying that Bugno was his biggest threat in the Tour.

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