Barak Itzhaki began his career in the youth system at Hapoel Ashkelon but moved to Beitar Jerusalem, where he was recognized as one of the top footballers in Israel at the time. In his first season, 2003/04, he scored three goals and added three assists. In his first term at Beitar he played for the club until 2007, scoring 23 goals in 109 appearances, winning his first career league title and becoming a symbol among the club's supporters in the process.

In December 2007 Itzhaki added a European component to his resume, signing for Belgian first division side K.R.C. Genk, where he joined fellow Israeli striker Elyaniv Barda. After just half a season, during which he scored three goals, Itzhaki returned to Beitar where he continued to develop as a player and completed a second successful term at the club. In those two seasons he was the league's top scorer (a title he shared with two other players), won the prestigious State Cup in the 2008/09 season and scored a total of 34 goals in 72 appearances before the club decided to sell him to Maccabi Tel Aviv after the 2009/10 season.

On Matchday One of the 2010/11 season, Itzhaki suffered a cruciate ligament knee injury. In 2011/12 he made 27 league appearances and scored nine goals. Itzhaki spent the 2012/13 season on loan at Cypriot side Anorthosis Famagusta FC., where he scored 13 goals in 23 appearances.

Itzhaki began his second term in a Maccabi kit at the start of the 2013/14 season in spectacular fashion, scoring one of the team's two goals in their 0-2 away victory against Hungarian champions Gyori in Champions League qualifiers. Until his season-ending injury in the away leg of Maccabi's Europa League round of 32 tie against FC Basel, Itzhaki scored eleven goals in all competitions, including his unforgettable overhead kick in Maccabi's 3-1 home victory over Maccabi Haifa.

The colorful striker returned from injury in the 2014/15 season where he was part of the Treble winning team and is with the 2015/16 squad scoring an important home goal against Viktoria Plzen helping Maccabi during its quest to advance to the Champions League Group Stages. Over the course of the season he made 46 appearances and scored 6 goals while assisting on 4 others.

In 2016/17, Itzhaki appeared in the Europa League for the third time while also making 43 appearances and scoring 7 goals.

During the 2017/18 season Itzhaki made 25 appearances across all competitions scoring 6 goals while assisting on two others. Following the season Itzhak retired and took a position with the club's professional staff.

As a member of the Israeli national team Itzhaki has made eleven appearances and scored one goal, in his maiden appearance in a 2-1 victory over FYR Macedonia in June of 2007.

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