Sloboda Mićalović was born on 21 August 1981 in Leskovac, Yugoslavia. She is a daughter of actor Dragan Mićalović, and has two sisters, Mirjana and Dragana. As a child, Mićalović wanted to be an opera singer and took serious singing lessons.

Mićalović began her career on stage. After small roles on film and television, she made her breakthrough with the role of Vaske in 2002 film Zona Zamfirova, starring Katarina Radivojević and Vojin Ćetković. Mićalović then portrayed Jelena Čađenović in the RTV Pink television series M(j)ešoviti brak, starring Milutin Karadžić and Dara Džokić, from 2003 to 2007. In 2007 and 2008 she acted in Serbo-Croatian television series Ne daj se, Nina, a version of telenovela Yo soy Betty, la fea, and also appeared as Queen Natalija Obrenović in television film Kraljevina Srbija.

In 2008 and 2009 Mićalović starred in the RTS television series Ranjeni orao, which became the most-watched Serbian television series of all time. She was also considered for the role of Katarina in 2009 film Sveti Georgije ubiva aždahu, eventually given to Nataša Janjić. In 2011/2012 she starred in television series Nepobedivo srce.