In 1986, Mukul Anand also directed the thriller Main Balwaan. The 1987 film, Insaaf, was his first commercially successful film that re-launched Vinod Khanna. Mukul Anand's next film, Maha-Sangram, again with Vinod Khanna, released in 1990. Anand directed a few other films which did not do well in the box office. Mukul S. Anand was critically acclaimed for his crime thriller Agneepath in the year 1990 with Amitabh Bachchan in the lead role which won Amitabh Bachchan a National Award for Best Actor. His next notable film was the family drama Hum that released in the year 1991 also with Amitabh Bachchan in the lead as well as Rajnikanth and Govinda which was a huge success. He worked with Bachchan again for the final time in Khuda Gawah in 1992 which won him the Filmfare Best Director Award. His last completed film was Trimurti, in 1995, which had an ensemble cast including Jackie Shroff, Anil Kapoor and Shahrukh Khan. But the film flopped at the box office.
Mukul Anand was married to Anita and had two children Alishka and Mikhail. Mukul Anand won the Filmfare Awards as Best Director for his film Khuda Gawah where Amitabh Bachchan was at the lead role. Mukul died due to heart attack in September 1997, at the age of 45. The final film that Mukul Anand was making was Dus, featuring Sanjay Dutt, Salman Khan and Raveena Tandon. But the film remained incomplete due to the sudden death of Mukul Anand. At the time of his death he was working on the film Dus. The film remained incomplete and unreleased.