The 49-year-old has signed a contract until June 30, 2028, committing himself to the Asturian club for the remainder of the current campaign and the following season.
Oviedo confirmed the appointment after dismissing Julián Calero, whose departure came despite the team having secured a 2-1 victory away to Cádiz over the weekend. The club's decision reflects concerns that extended beyond the immediate result, with the hierarchy opting for a change in direction.
"Real Oviedo have reached an agreement for the appointment of Raúl González Blanco as the new first-team coach until June 2028," the club announced.
The appointment represents a significant step in Raúl's coaching career, which has been spent almost entirely within Real Madrid's youth structure since he began working at Valdebebas in 2018.
He initially took charge of Cadete B before moving to Juvenil B. In 2020, he was appointed coach of Real Madrid's Juvenil A side, leading the team to the UEFA Youth League title.
That success strengthened his reputation as one of the club's promising young coaches and led to his promotion to the reserve team, Real Madrid Castilla.
Raúl subsequently spent six seasons in charge of Castilla, gaining experience of senior football and working with players seeking to make the transition into the first team. His time there provided an opportunity to develop his coaching philosophy while operating within the demands of one of Europe's most closely scrutinised football organisations.
However, the Oviedo position will represent a different challenge. Rather than working with developing players at a reserve side, he will now be responsible for the results and performances of a first team competing in Spain's professional leagues.
The club's announcement also highlighted his extraordinary playing career, particularly his achievements with Real Madrid, where he became one of the most recognisable figures in the club's history.
Raúl spent more than 15 years representing the Spanish giants, establishing himself as a central figure during a period of considerable success. He later continued his playing career with Schalke 04, Al-Sadd and New York Cosmos before retiring in 2015.
His appointment brings a high-profile name to Oviedo, with the club hoping his experience and reputation can help deliver greater stability and a stronger run of results.
The timing of the change is notable. Calero had guided the team to victory at Cádiz, but that result was not enough to preserve his position. Oviedo had already been eliminated from the Copa del Rey, while concerns about the team's performances and the confidence of the club's ownership contributed to the decision.
Raúl is expected to take charge immediately, with his first match scheduled for Saturday against Girona at the Carlos Tartiere.
His presentation is scheduled for Tuesday at 13:30 local time. The club has confirmed that he will address the media on that occasion, rather than immediately following the announcement.
For Raúl, the appointment offers the chance to move beyond his long apprenticeship in youth and reserve-team football and establish himself as a senior manager. For Oviedo, it is a major appointment designed to give the club a new direction through to the summer of 2028.