During his journeyman career, Milovanović played as a forward for many clubs in his homeland, most notably Borac Čačak and Radnički Kragujevac, and six other countries, winning the Bulgarian league titles with both Levski Sofia (2000) and Lokomotiv Plovdiv (2004).

[3] After hanging up his boots, Milovanović was manager of numerous clubs in his native country, having two spells at both Radnik Surdulica and Novi Pazar.

In September 2022, Milovanović was appointed as manager of Bulgarian Third League club Slivnishki Geroy.

Born in Trbušani, a village near Čačak, Milovanović also holds Bulgarian citizenship.

He is the father of fellow footballer Vasilije Veljko Milovanović.