In 1997 Mylovanov received a bachelor's degree in management at the Kyiv Polytechnic Institute.[1] In 1999 he got a master's degree in economics at Kyiv-Mohyla Academy.[1] In 2001 he obtained a master's degree in economics at University of Wisconsin–Madison and in 2004 Mylovanov graduated with a Ph.D. in economics at University of Wisconsin–Madison.[1]
On 7 July 2016, the Verkhovna Rada of Ukraine elected him to the council of the National Bank of Ukraine (NBU) and since October 2016 he has held a position of the deputy chairman of the council of the National Bank of Ukraine.[3]
On 29 August 2019 the Verkhovna Rada appointed Tymofiy Mylovanov as Minister of Economic Development, Trade and Agriculture of Ukraine.[2] After his resignation, Mylovanov was offered the position of Minister of Agriculture in the Shmyhal Government, but he refused because "it would be another type of government where I would not be effective.[4][5] President Volodymyr Zelensky then offered him a post in the Presidential administration of Ukraine which Mylovanov also refused.[5] He did offer to continue to lead the Ministry of Economy, but he was told "that there were no votes for me."[5]