Teodosić was a member of the Serbian junior national teams.
Playing with Serbia's junior national teams, he won the gold medal at the 2003 FIBA Europe Under-16 Championship.
He also won the gold medal at the 2005 FIBA Europe Under-18 Championship.
He was named the MVP of the 2007 FIBA Europe Under-20 Championship, where he also won the gold medal.

He currently plays for the Serbian national basketball senior team.
With the senior men's Serbian national team, he played at the EuroBasket 2007.
At the EuroBasket 2009, he reached the final with Serbia, and was named to the All-Tournament Team.

In 2010, Teodosić was named to the Serbian roster for the 2010 FIBA World Championship.
After being suspended for a brawl in a friendly game against Greece, Teodosić made a game-winning three-point field goal from about nine meters distance in the quarterfinals, sending Serbia into the semi-finals with a 92–89 upset of Spain.
He was also named to the All-Tournament Team.

He was also a part of the team at the EuroBasket 2011, in Lithuania, which took eighth place.

Teodosić was a member of the Serbian roster that won the silver medal at the 2014 FIBA Basketball World Cup, under head coach Aleksandar Đorđević.
He was also named to the All-Tournament Team, as he averaged 13.6 points and 4.4 assists per game, over 9 tournament games.

He captained the senior Serbian national team for the first time in his career at the EuroBasket 2015.
In the first phase of the tournament, Serbia dominated Group B, with a 5–0 record, and then eliminated Finland and the Czech Republic in the round of 16 and quarterfinal games, respectively.
However, they were stopped in the semi-final game by Lithuania 67–64, and Serbia eventually lost to the tournament's host team, France, in the bronze-medal game, by a score of 81–68.
Over 9 tournament games, Teodosić averaged 11.8 points, 7.1 assists and 2.7 rebounds per game, on 34.1% shooting from the field overall and 22.2% shooting from the three-point line.

Teodosić represented Serbia at the 2016 Summer Olympics where they won the silver medal, after losing to the United States in the final game with 96–66.
Teodosić was a member of the Serbian junior national teams. Playing with Serbia's junior national teams, he won the gold medal at the 2003 FIBA Europe Under-16 Championship. He also won the gold medal at the 2005 FIBA Europe Under-18 Championship. He was named the MVP of the 2007 FIBA Europe Under-20 Championship, where he also won the gold medal.
He currently plays for the Serbian national basketball senior team. With the senior men's Serbian national team, he played at the EuroBasket 2007. At the EuroBasket 2009, he reached the final with Serbia, and was named to the All-Tournament Team.
In 2010, Teodosić was named to the Serbian roster for the 2010 FIBA World Championship. After being suspended for a brawl in a friendly game against Greece, Teodosić made a game-winning three-point field goal from about nine meters distance in the quarterfinals, sending Serbia into the semi-finals with a 92–89 upset of Spain. He was also named to the All-Tournament Team.
He was also a part of the team at the EuroBasket 2011, in Lithuania, which took eighth place.
Teodosić was a member of the Serbian roster that won the silver medal at the 2014 FIBA Basketball World Cup, under head coach Aleksandar Đorđević. He was also named to the All-Tournament Team, as he averaged 13.6 points and 4.4 assists per game, over 9 tournament games.
He captained the senior Serbian national team for the first time in his career at the EuroBasket 2015. In the first phase of the tournament, Serbia dominated Group B, with a 5–0 record, and then eliminated Finland and the Czech Republic in the round of 16 and quarterfinal games, respectively. However, they were stopped in the semi-final game by Lithuania 67–64, and Serbia eventually lost to the tournament's host team, France, in the bronze-medal game, by a score of 81–68. Over 9 tournament games, Teodosić averaged 11.8 points, 7.1 assists and 2.7 rebounds per game, on 34.1% shooting from the field overall and 22.2% shooting from the three-point line.
Teodosić represented Serbia at the 2016 Summer Olympics where they won the silver medal, after losing to the United States in the final game with 96–66.
Miloš Teodosić