The Glasgow event was organised to raise money for a foundation set up by former Hoops and Aston Villa star Petrov, who recently retired after a year-long battle with leukaemia.
In the match itself, a Celtic XI managed by Martin O'Neill lost 5-3 to Kenny Dalglish's Stiliyan XI, with Petrov himself playing for the team that bore his name for the first half hour.
A host of celebrities and footballers past and present made up the two sides, with Chelsea captain John Terry, One Direction singer Louis Tomlinson, Villa manager Paul Lambert and Sky Sports pundits Jamie Redknapp and Chris Kamara among those involved.
Bulgaria international Dimitar Berbatov opened the scoring for the Stiliyan XI in the first minute, but Henrik Larsson soon equalised from the penalty spot after Habib Beye brought down Bobby Petta.
Martin Petrov then got on the scoresheet for his namesake's side and following a standing ovation in the 19th minute, the hero of the day made way on 32 minutes to more applause.
Five minutes before the break, Berbatov struck again for the Stiliyan XI, and in the 58th minute, the Fulham ace was able to complete a hat-trick.
Comedian John Bishop was offered the chance to score from the spot seven minutes later, but missed his penalty kick. Although Westlife's Nicky Byrne turned the ball home, the goal was disallowed for offside.
Pierre van Hooijdonk reduced the deficit with a quarter of an hour to go, turning the ball home after Shay Given had saved from Larsson.
Actor Warren Brown then made the scoreline 3-4 with a tidy finish into the bottom corner but the Celtic XI were unable to complete the comeback, with Byrne wrapping up the scoring.