Standing at 6 ft 7 in (2.01 m), Milojević played professionally as a power forward from 1994 until 2009, appearing for the FR Yugoslavia / Serbia and Montenegro league teams Beovuk, FMP, Budućnost and Partizan, as well as for Pamesa Valencia in Spain, and Galatasaray in Turkey.

[2] Starting out in KK Tašmajdan's youth system, teenage Milojević quickly began dominating over his age group, scoring 141 points in a 202–52 cadet (under-16) win versus OKK Beograd under-16 team in 1991, a still-standing record.

After winning gold with the FR Yugoslavia under-22 national team at the 1998 '22 and Under' European Championship, 21-year-old Milojević joined the YUBA League club FMP from the Belgrade suburb of Železnik.

The club had won the Yugoslav Cup in recent past (1997); however, instead of adding to the cup-winning squad in search of more trophies, FMP—led by owner Nebojša Čović and sporting director Ratko Radovanović—decided to immediately start selling it off and turn to producing and nurturing young talent in an academy-like setup.

The team still managed to make YUBA League playoff finals in the 1997–98 season; however, the wholesale clearance of the squad (most of them over the age of 23) continued, with Nikola Jestratijević, Goran Bošković and Dejan Radonjić leaving.

[5] The squad that Milojević arrived to in summer 1998 thus, almost exclusively, featured fellow young players (either brought up through the FMP youth system or acquired from smaller teams throughout the FR Yugoslav constituent units of Serbia and Montenegro), such as 22-year-old power forward-center Goran Nikolić, 23-year-old center Dragan Basarić, defensively minded 21-year-old swingman Veselin Petrović, 22-year-old shooting guard Aleksandar Smiljanić, 22-year-old power forward Aleksandar Matić, and supremely talented 17-year-old small forward Mladen Šekularac.

FMP managed to pull an upset in the very first game of the league season, beating the reigning champions Crvena zvezda 73–72 behind Vesa Petrović's 21 points as well as his suffocating defence.

FMP qualified for the 1999 Yugoslav Cup final tournament, played in extraordinary circumstances under air-raid sirens and threat of aerial bombardment on 20–21 April 1999 at Belgrade's Pionir Hall.

[7] After defeating KK Radnički Belgrade in the semis, FMP lost heavily, 80–62, to the Vladislav Lučić-coached Partizan team featuring Dejan Tomašević, Haris Brkić, Miroslav Radošević and Dragan Lukovski, with Milojević scoring the game-high 22 points in front of a packed arena with 7,000 spectators who at one point held up 'Target' signs protesting the NATO assault on Yugoslavia.

Milojević joined the FR Yugoslav champions Budućnost during summer 2000 in a big-money acquisition that saw the Podgorica club reportedly pay FMP a transfer fee in excess of DM1 million (~€600,000).

Playing on a squad coached by Miroslav Nikolić that in addition to high-profile newcomers Rakočević and Obradović also featured established holdovers Dejan Tomašević, Milenko Topić, Vladimir Kuzmanović, Dejan Radonjić and Haris Brkić, new piece Milojević—mostly deployed as Topić's backup at the power forward spot—contributed to Budućnost's domination over the YUBA League competition with a 21–1 regular season record.

and Scaligera Verona along with minnows London Towers and Frankfurt Skyliners, Budućnost started the competition with a 6–2 record through their first 8 games, losing only to the FC Barcelona team (featuring Pau Gasol, Šarūnas Jasikevičius and Juan Carlos Navarro) twice.

[11] Led by Saša Đorđević, Alberto Herreros, Erik Meek, Éric Struelens and Marko Milič, Real easily swept Budućnost 2-games-to-0 in their best-of-three series.

Despite having significantly better financial offers from Dynamo Moscow and Crvena zvezda, the sought-after power forward ending up signing for Partizan out of desire to play for coach Duško Vujošević.

[17] First time Milojević received a training camp invite for the Yugoslavia national team was by head coach Željko Obradović ahead of EuroBasket 1999.

With a good season at Budućnost under his belt, Milojević made the Yugoslavia senior national team, selected and coached by Svetislav Pešić, that triumphed dominantly at the EuroBasket 2001 in Turkey.

For Milojević, that meant primarily focusing on Golden State's recently drafted young center James Wiseman as well as their established squad players Draymond Green and Kevon Looney.

On 16 January 2024, Milojević was hospitalized after suffering a heart attack at a Salt Lake City restaurant while dining with fellow Warriors coaches and players.