Kalanović was born in Trstenik, SR Serbia, Yugoslavia and graduated in 1977 from the Faculty of Technology and Metallurgy in Belgrade, where she also received a master's degree in 1980.

From 2000 to 2001, she was member of the Trstenik municipality executive council.

She was president of the Serbia-Montenegrin Parliament's Committee for interior economic relations and finances, a member of the parliamentary delegation in the Council of Europe[1] and a member of the committee for local and regional development in the Council of Europe.

She was State Secretary in the Ministry of Economy and Regional Development from 2007 to July 2008.

On 7 July 2008 she was elected Minister for National Investment Plan,[2] and resigned to the post following announcement of Cabinet re-shuffle which took place on 2 September 2013.