He coached among others from 1966 to 1974, the Italian national team. In 1968 he won the European Championship with Italy and was with the team at the World Cup 1970 in Mexico Second, after Italy had turned off the German team in the match of the century in the semifinals. In the eight year term of Valcareggi the Squadra Azzurra lost only six of 54 games.
After the early exit in the first round at the World Cup 1974 in Germany he was replaced by Fulvio Bernardini.
Before his career as coach Ferruccio Valcareggi was active as a player in the U.S. Triestina, Fiorentina, Bologna FC, AC Vicenza, U.S. Lucchese Libertas, AC Brescia and U.S. Piombino. Overall, he completed 270 games in Serie A, where the midfielder scored 44 goals. In addition, in its statistics there are 124 missions in Serie B with 16 Torerfolgen to book.