Soman turned to modelling in 1988. Soman featured in Alisha Chinai's music video, Made in India (1995). In the mid-1990s after some time working as a model, he took the lead role in the Indian science fiction TV Series Captain Vyom and also played part in the TV series Sea Hawks. He then focused on films starting in 2000. Soman's films include 16 December, Pachaikili Muthucharam, Paiyaa, Agni Varsha and Rules: Pyaar Ka Superhit Formula. In 2007 he appeared in Bhram, Say Salaam India and Bheja Fry. In 2009 he acted in Sachin Kundalkar's Marathi film Gandha. He has also acted in a number of English language and other foreign language films and television series, including Valley of Flowers and The Flag. In the Swedish film Arn – The Knight Templar he portrayed Saladin, the revered 12th-century Kurdish leader of the Arabs and Muslims. He was also seen in a character role in the 2016 Hindi film Bajirao Mastani.
Milind is an avid sportsman. He started swimming at age of 6 and he has been an international level swimmer. He started representing Maharashtra from the age of 10 at various age groups before going on to represent his state at senior level where he went on to hold the national swimming championship (senior men's) title for four consecutive years (1984-87) before giving up competitive swimming in 1988. Soman represented India in swimming in the inaugural South Asian Games (then known as South Asian Federation Games) in 1984 held at Kathmandu where he won a Silver medal. In 2015, Milind completed the Ironman challenge in 15 hours and 19 minutes , in his first try. The triathlon includes a 3.8-km swim, a 180.2-km cycle ride and 42.2-km run raced in that order without a break which the participants are required to complete within 17 hours to win the title of 'Ironman'. The title 'Ironman' is given to every person who achieves the feat within the given time.