Malović was in his youth martial arts enthusiast and practiced kickboxing. He won bronze medal in 91+ kg category at W.A.K.O. World Championships 1990 held in Italian city of Mestre.
He joined Yugoslav People's Army (JNA) as professional soldier, advancing to the rank of non-commissioned officer. He was stationed in Sisak in today's Croatia where he, according to some sources, served in military intelligence service KOS. During his service he met local beautician Ljubica Solar with whom he started romantic relationship. In March 1991, during the break-up of Yugoslavia and shortly before the start of Croatian War of Independence he allegedly left JNA and began civillian security career, working as a bodyguard for popular Croatian singer Tatjana Matejaš Tajči.
As ethnic tensions in Sisak and neighbouring areas gradually escalated into open warfare, Malović and Solar, already engaged, decided to leave for Sarajevo, which was in peace at the time. On September 17th 1991 Malović the left city, while Solar, caught by curfew, remained in her apartment. In the evening Solar was shot by sniper rifle through window of her apartment. Although the perpetrator haven't been officially found, it was widely believed that the shot was fired by Croatian paramilitaries and that the intended target was Malović.
Nearly a month later, on October 16th, group of Serb paramilitaries entered ethnic Croat village of Novo Selo Glinsko and massacred the inhabitants. According to 2010s testimony of Milan Paspalj, local Serb who had acted as a guide, their commander was Malović, described as "JNA lieutenant". It is speculated that he was at least partially motivated for his crime with the desire to avenge the death of his fiancée.
A year later, when the war erupted in his native Bosnia, Malović joined the police force of newly proclaimed Republic of Srpska. He quickly advanced in its ranks by training and leading its special forces. One of such units was "Pahuljice", and, according to post-war testimonies, he commanded it during September 1992 massacre of 33 Bosniak citizens of Bijeljina. According to some sources, he also became involved in petrol smuggling, activity which became very lucrative due to oil embargo against FR Yugoslavia.
In 1994 Malović came to Belgrade where he allegedly became associated with Goran Vuković, notorious gangster and one of the leaders of so-called Voždovac Clan. In April Serbian journalist Radisava "Dada" Vujasinović was found dead in her home; the initial investigation atributed her death to suicide but subsequent investigation pointed towards murder. In 2009 Serbian media published excerpts from the diary of Ratko Mladić, commander of Bosnian Serb Army, in which he recounted discussion with high ranking official of Serbian State Security Service; the official passed him information about Vuković and Malović being responsible for journalist's death.
On December 12th 1994 Vuković and Malović were repeatedly shot by two unknown assailants in Belgrade street near Yugoslav Drama Theatre. They were immediately killed. No perpetrator was found and his murder remains unresolved.