Ivanov was married to Natalya Rousanova; they have one daughter, Ani (born 1967), until 1982 when they divorced. Now he is married to Lidia and they have one son, Ivan (born 1984). His hobbies include skiing, fishing and golf. Ivanov is a Member of the ASE — Association of the Space Explorers. He founded the Future in Space Foundation.
As soon as he entered the Soviet International Space Programme Intercosmos in 1978, he had to change his family name to Ivanov, because his original surname Kakalov occasionally had negative connotations in Russian. After intensive training, Ivanov was selected for the fourth mission under the Intercosmos program.
Ivanov was awarded the title Hero of the Soviet Union on April 13, 1979 Georgi Ivanov earned a Ph.D. in space engineering. He was elected to the National Assembly and took part in the creation of the new democratic Constitution of the Republic of Bulgaria.
Since 1993, Ivanov has been the executive Director of Air Sofia.