Milatović was born in Titograd, SR Montenegro, SFR Yugoslavia, where he graduated elementary and secondary school. He completed his undergraduate studies in the field of economics at the Faculty of Economics, University of Montenegro Faculty of Economics, with an average grade 10 and was a student of the generation.
Milatović was honored with numerous domestic awards from the Ministry of Education, University of Montenegro, Ministry of Foreign Affairs, Atlas Group etc., as well as foreign fellowships.
He spent one academic year at Illinois State University as US Fellow; one semester at the University of Economics and Business in Vienna (WU Wien) as Government of Austria Fellow; one academic year at the University of Rome (La Sapienza) as EU Fellow. Milatović completed his master’s degree in economics at Oxford University. He was a British Government (Chevening) Fellow. Milatović is fluent in English, speaks Italian and Spanish.