In 2007, Teodosić signed a five-year contract with Olympiacos of the Greek Basket League, worth €2.8 million net income (after taxes).

[13] Shortly after failing to win the EuroLeague for the third straight year, the president of CSKA blamed Teodosić and his Serbian teammate, Nenad Krstić, for not putting enough effort in over the season.

Teodosić and Krstić helped CSKA storm back to win the series 3–2, after the large deficit, to advance to the league's semi-finals, as they answered the previous criticism from the club's president.

Despite winning the VTB United League, the 2013–14 season was seen as a disappointment for CSKA, and it was expected that Teodosić, as well as his teammate Nenad Krstić, and team head coach Ettore Messina, could all leave the club over the summer.

[24] Teodosić, however, had one of his best seasons in his time at the club, averaging a career-high 14.8 points, 2.8 rebounds, and a league-leading 7 assists, over 24 games played in the EuroLeague.

The team solidified its quality with the usual good results prior to the EuroLeague Final Four, with Teodosić playing one of the best seasons of his career.

[32] On December 11, he returned on the court after 22 games of absence, against the Toronto Raptors, scoring 12 points and grabbing 7 rebounds in a 96–91 home victory.

[33] In his first NBA season, battling with persistent plantar fasciitis injury, he averaged 9.5 points, 4.6 assists and 2.8 rebounds over 45 games, while shooting 41.9% from the field.

[35] On July 13, 2019, Teodosić signed a three-year deal with Virtus Bologna of the Italian Lega Basket Serie A, joining his national team head coach Aleksandar Đorđević.

[36][37] On August 10, 2019, while representing Serbia in a friendly game versus Lithuania as part of preparations for the 2019 FIBA Basketball World Cup, Teodosić renewed the plantar fascia injury with which he was dealing while being two seasons with the Los Angeles Clippers.

[39] In December 2019, with Virtus placing first in its group with the best record of the entire competition, Teodosić was awarded MVP of EuroCup's regular season.

[40] On 7 April 2020, after more than a month of suspension, the Italian Basketball Federation officially ended the 2019–20 season, due to the COVID-19 pandemic that severely hit Italy.

[49] Moreover, after having ousted Lietkabelis, Ulm and Valencia in the first three rounds of the playoffs, on 11 May 2022, Virtus defeated Frutti Extra Bursaspor by 80–67 at the Segafredo Arena, winning its first EuroCup and qualifying for the EuroLeague after 14 years.

[51] However, despite having ended the regular season at the first place and having ousted 3–0 both Pesaro and Tortona in the first two rounds of playoffs, Virtus was defeated 4–2 in the national finals by Olimpia Milan.

[52] On 29 September 2022, after having ousted Olimpia Milano in the semifinals, Virtus won its third Supercup, defeating 72–69 Banco di Sardegna Sassari and achieving a back-to-back, following the 2021 trophy.

In June, after having ousted 3–0 both Brindisi and Tortona, Virtus was defeated 4–3 by Olimpia Milan in the national finals, following a series which was widely regarded among the best in the latest years of Italian basketball.

[55][56] On July 11, 2023, Teodosić amicably parted ways with the Italian club after four seasons together, which saw the Black V returning to the top of European basketball after decades.

[57] On July 11, 2023, Teodosić officially returned to his home country, signing for childhood love KK Crvena zvezda, the club he supports.

After being suspended for a brawl in a friendly game against Greece, Teodosić made a game-winning three-point field goal from about nine meters distance in the quarterfinals, sending Serbia into the semi-finals with a 92–89 upset of Spain.

Teodosić was a member of the Serbian roster that won the silver medal at the 2014 FIBA Basketball World Cup, under head coach Aleksandar Đorđević.

[61] In the first phase of the tournament, Serbia dominated Group B, with a 5–0 record, and then eliminated Finland and the Czech Republic in the round of 16 and quarterfinal games, respectively.

[64] Teodosić represented Serbia at the 2016 Summer Olympics where they won the silver medal, after losing to the United States in the final game with 96–66.

[65] Born to father Miodrag and mother Zorana, Teodosić has an older brother, Jovan, who is also a professional basketball player in Serbia.