Red Star Belgrade

Milovanović was a member of the talented 1984 generation, and was the first to become a first team player from that group. He made his debut for Red Star Belgrade on 17 November 2001 when he was 17. In that match Zvezda won against FK Zemun, the score finishing 2–0. 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 played for the Red Star Belgrade first team since 2001 and he has been the captain of club since 2006. He was also team captain of the Serbian under-21 team who finished second at the 2007 UEFA European Under-21 Championship in the Netherlands. Milovanović played over 200 games for Red Star Belgrade and won three doubles.

Lens

On 4 July 2008, Milovanović officially signed a four-year contract with Lens for an undisclosed fee. 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.

Voždovac

Milovanović signed with newly promoted Serbian side FK Voždovac in August 2013.^[2]