He is the son of Đorđe Milovanović, a member of Red Star Belgrade in the late 1970s and early to mid 1980s.

He gathered the attention of the public on his debut, in a derby game against Partizan in which he worked his way past 3 players in fantastic style, scoring a goal that wrapped up the 3–0 victory.

Milovanović has been announced as one of the main new signings in the club's effort to return to the top French league.

In the summer of 2010, RC Lens allowed Milovanović to return to his former club, Red Star, on a season long loan with an option for a permanent deal.

He especially made a good impression in the 2007 UEFA European Under-21 Championship in the Netherlands, carrying the captain's armband, on the way to the finals; in the first match he scored a winning goal against Italy.