Milanović had an illustrious professional career spanning twenty years.

He played a total of 349 games for the Yugoslav national team, scoring 540 goals.

He was given the honour to carry the national flag of FR Yugoslavia at the opening ceremony of the 1996 Summer Olympics in Atlanta, becoming the 18th water polo player to be a flag bearer at the opening and closing ceremonies of the Olympics.

In June 2009, Milanović was named the head coach of Partizan Raiffeisen after Dejan Udovičić stepped down.

In 2011 as a head coach of Partizan Raiffeisen, he won the Euroleague Championship.