Ivana Milicevic was born on April 26, 1974, in Sarajevo, Bosnia, (part of Yugoslavia at that time) into an ethnic Croatian family of Tonka and Damir Milicevic. Ivana has a younger brother, Tomo Milicevic. The family emigrated to the United States, and young Ivana Milicevic was raised in Michigan. She attended Athens High school in Troy, Michigan, and worked as a model during her school years. She became a naturalized citizen of the United States.

In 1992 Milicevic graduated from high school and moved to Los Angeles in pursuit of an acting career. She was a struggling stand-up comedienne, trying to win over crowds with her stories of the modeling business. In 1996 she made her film debut under the name Ivana Marina with a one-line role as a Former Girlfriend of Tom Cruise in Jerry Maguire. In 1997 she followed up with a guest role on NBC's Seinfeld and made guest appearances on several other television shows. She played bit parts in Vanilla Sky and Love Actually, among her many other cameo appearances. Milicevic capitalized on her experience as a comedienne in a supporting role as Russian model Roxana Milla Slasnikova in romantic comedy Head Over Heels. She appeared as a lookalike of Uma Thurman opposite Ben Affleck, trying to fool him into thinking she is Uma, in Paycheck. In a departure from her one-dimensional roles, Milicevic showed her dramatic talent in a supporting role as Milla Yugorsky in a dark and gritty drama Running Scared. In 2006 she started a recurring role on the CBS TV series "Love Monkey".

In 2006 Milicevic made a big step forward in her career appearing as Valenka, one of three Bond girls in Casino Royale, for which she did most of her scenes on locations in Prague and in London. She is currently residing in Los Angeles, California.
Moved to Michigan, USA from Bosnia when she was 5. Graduated high school early to pursue acting and modeling. Was a stand-up comedian. 1991 Graduate of Troy Athens High School, Troy, Michigan. Filmed a scene for House on Haunted Hill, but it was cut from the theatrical release. The scene is featured in the DVD's deleted scenes section. Her brother Tomo, is in a band with Jared Leto called 30 Seconds to Mars. Older sister of 30 Seconds to Mars guitarist, Tomo Milicevic. Is of Croatian heritage. Her parents Tonka and Damir moved in 1983 to Michigan City. Is good friends with Velvet Revolver's front man Scott Weiland and his wife Marry.