সোমান স্কটল্যান্ডের গ্লাসগোতে জন্মগ্রহণ করেন। His family moved to England where he lived until the age of seven, then his family moved back to Mumbai, India in 1973. He attended Dr. Antonio Da Silva High School and Jr. College of Commerce, Mumbai. Soman was enrolled in an Rashtriya Swayamsevak Sangh's "shakha" by his father, when he was 10 years old. Later, he completed his Diploma in Electrical Engineering.

Milind Soman met Mylene Jampanoi, a French actress, on the sets of their 2006 film, Valley of Flowers. The couple married in July 2006 at a resort in Goa. Milind and Mylene decided to part ways in 2008. The couple divorced in 2009.

He married Ankita Konwar on 22 April 2018 in Alibaug.

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