Rundqvist started his senior ice hockey career in 1978 with the Swedish club Färjestads BK. He played with the club until 1984, when he crossed the Atlantic and signed with the Montreal Canadiens (who had drafted him in 1983 (10th round, 198th pick overall)).
But Rundqvist played only two games with the Canadiens in the 1984–85 season, the rest of the year he played with Sherbrooke Canadiens in the AHL. So after only one year he went back to Sweden and Färjestad. He played six more season with them, but in 1993 he and his teammate in Färjestad Bengt-Åke Gustafsson signed for the Austrian team Feldkirch VEU. Rundqvist played there for five years and ended his career in 1998. Now (2006) he is working in the Färjestads BK's organisation.
Färjestads BK has retired Rundqvist's jersey number, #9.
Rundqvist was inducted into the IIHF Hall of Fame in 2007.

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