Velimir Ilic was born on 28 May, 1951 in the town of Cacak. Married, father of five children.

He graduated from the Faculty of Technology, University of Belgrade, in 1976, and got the Master in Tecnical Science degree at the Faculty of Technology in Cacak in 2005.

His political career began in 1990 in SPO poltical party, when he became the deputy in the National Assembly of the Republic of Serbia.
In 1996 Velimir Ilic was the first elected mayor of Cacak. In the spring of 1998 he founded a party, with a group of the like-minded, New Serbia. On the first inaugural Assembly of the Party, he was unanimously elected President of New Serbia. He has been the President of the Party up to now.

In the elections in 2000 he was a re-elected mayor of Cacak, as well as a deputy of the Chamber of Citizens of the Federal Assembly of the Federal Republic of Yugoslavia.

In elections in December 2003 he was appointed as a Minister of Capital Investments of the Republic of Serbia.
 After the parliamentary elections on 21st January 2007, Velimir Ilic continued his work in the Serbian Government as a Minister of Infrastructure.

On the Serbian presidential election held in January 2008, Velimir Ilic won the third place.

After the early parliamentary elections in May 2008, the New Serbia party became a memeber of opposition and Velimir Ilic became a head of New Serbia Deputy Group in the National Assembly of the Republic of Serbia.