Mutu, 46, was banned from football for eight months after testing positive for the Class A drug while at Chelsea.
Speaking in an interview with The Telegraph, the Romanian admits to regretting the decision, suggesting he could have won football’s top individual accolade if it wasn’t for the drug.
Mutu said: "Taking cocaine during my time at Chelsea was the worst decision I could have made in my career.
“I was alone and sad, but neither depression nor anything else justified my actions. Zero tolerance – that was Chelsea's policy regarding drugs. And I think that's fair.
"I made a mistake, strayed from the path, and paid the price for it. I was caught off guard. I wasn't used to that life. I was unprepared.
“I arrived at Chelsea during a turbulent time in my personal life, and I found myself caught up in too many excuses and lies. I was too young and too alone."
“I've reflected on that many times. I believe that for more than a season, I was amongst the best players in the world, so I could have won it (Ballon d'Or) easily. But bad decisions prevented me from doing so. I try not to beat myself up about it."