Michael Bosiljevac was born on October 9, 1945, in Omaha, Nebraska. He was commissioned through the U.S. Air Force Academy on June 7, 1967, and then received an Air Force Institute of Technology assignment to the University of Minnesota in Minneapolis, where he received his Masters degree in Nuclear Engineering in June 1969. Lt Bosiljevac next attended Undergraduate Pilot Training at Moody AFB, Georgia, but did not complete the course. He then went through Undergraduate Navigator Training at Mather AFB, California, graduating in November 1970, and Electronic Warfare Officers training at Mather AFB, graduating in July 1971. Bosiljevac next attended F-105G Wild Weasel upgrade training and was assigned to the 17th Wild Weasel Squadron of the 388th Tactical Fighter Wing stationed at Korat Royal Thai AFB, Thailand, in November 1971. While flying a mission over North Vietnam on September 29, 1972, he and his pilot were forced to eject from their damaged F-105G. Bosiljevac was captured but died in captivity at some point after being taken as a Prisoner of War. The United States government determined his date of death as September 30, 1973 (an administrative date by law), though the communist North Vietnamese claim he died on October 3, 1972. It is unknown when he actually died. Major Bosiljevac's remains were returned to the United States on September 24, 1987, and he was buried at Calvary Cemetery in Omaha, Nebraska.

His 2nd Silver Star Citation reads:

Captain Michael J. Bosiljevac distinguished himself by gallantry in connection with military operations against an opposing armed force as an F-105G Electronic Warfare Officer near Phuc Yen Airfield, North Vietnam, on 29 September 1972. On that date, while supporting air strikes against enemy storage areas, Captain Bosiljevac repeatedly exposed himself to enemy antiaircraft defenses in order to draw fire away from nearby American Forces. With complete disregard for his own safety, Captain Bosiljevac continued to engage a surface-to-air missile site despite indications of a missile accurately tracking his aircraft. This courageous and aggressive attack enabled the strike forces to penetrate the target area defenses, successfully complete their mission, and safely withdraw. By his gallantry and devotion to duty, Captain Bosiljevac has reflected great credit upon himself and the United States Air Force.