After starting her playing career at Djurö-Vindö IF,[2] Lundkvist joined AIK in 2018. With AIK, she won the Gothia Cup twice, earned two consecutive golds in the Swedish U16 Championship, and one gold in the Swedish U15 Futsal Championship.[3]
She made her professional debut on 2 June 2018, scoring a consolation goal in a 3–1 loss against Kvarnsvedens IK in a Swedish second-division match.[4][5] In November 2018, she played her second match with the first team, this time in the Swedish Women's Cup.[6]
Hammarby
In 2019, Lundkvist and her teammate Felicia Saving signed with Hammarby.[7] She made her debut on February 9 in the Swedish Cup with a 3–2 victory over Ljusdals IF.[8] On June 6, she scored her first goal for her new club against Umeå IK FF.[9] In her first season, she played every match, scoring 4 goals and providing 9 assists, narrowly missing promotion after finishing third.[10] In her second season, she moved to right-back and again played in every match. This time, Hammarby finished second and secured promotion to Sweden's top division.[11]
Lundkvist made her top-division debut on 18 April 2021, in a 1–0 loss to BK Häcken.[12][13] Her only goal in the top division came on August 28, but it did not prevent her team from a heavy defeat.[14] Hammarby finished mid-table, and Lundkvist played in 20 of the 22 league matches.[15]
Atlético Madrid
In December 2021, Lundkvist signed with Atlético de Madrid.[16] She made her debut on 12 January 2022, in a win over Villarreal.[17] During her first months at the club, she had limited playing time. Atlético finished fourth in the league.[18] She extended her contract in the summer of 2022 until 2026.[19]
San Diego Wave
In February 2024, NWSL club San Diego Wave FC announced the signing of Lundkvist from Atlético Madrid in exchange for an undisclosed transfer fee.[20][21] She made her club debut in the NWSL Challenge Cup on 15 March 2024, playing a full 90 minutes in a match against NJ/NY Gotham FC. The Wave would go on to win the match 1–0 on a goal from Alex Morgan, marking Lundkvist's first piece of silverware with her new club.[22][23] Lundkvist scored her first NWSL goal on 12 May 2024, tallying the equalizer in another match against Gotham FC.[24][25] She notched both of her 2024 assists during the CONCACAF W Champions Cup, assisting Kristen McNabb against Panamanian club Santa Fe[26][27] and assisting Amirah Ali against Whitecaps FC Girls Elite.[28][29] At the end of the season, Lundkvist and the Wave agreed to exercise Lundkvist's mutual contract option, keeping her in San Diego for 2025.[30] She ended her first NWSL campaign with 23 regular appearances appearances and two goals.[31]
^Bjunér, Andreas (20 June 2022). "Spansk stjärnglans på Djurö-Vindös träning" [Spanish star shine at Djurö-Vindö's training]. Nacka Värmdö Posten (in Swedish). Archived from the original on 1 March 2023. Retrieved 1 March 2023. 19-åriga Hanna Lundkvist, som är uppväxt på Djurö, startade som barn sin fotbollskarriär i Djurö-Vindö IF. [19-year-old Hanna Lundkvist, who grew up on Djurö, started her football career as a child in Djurö-Vindö IF.]