MV Devan was born to Govindan Gurukkal and Mulloli Madhvai on January 15, 1928 at Panniyannur village in Thalassery in Northern Kerala. After completing his school education from MM High School in New Mahe, which was a part of Madras Presidency before the formation of the state on the basis of languages; he left for Madras to learn Fine Arts. He joined Madras School of Arts and Crafts in 1946. More influential on the young artist were his years at Madras. He learnt the rudimentary principles of painting and took a postgraduate diploma from the institution. K C S Panikker, the stalwart who left an indelible mark on the Indian modern art, was his mentor. Devi Prasad Roy Chaudhuri, the then Principal of the institution was the guiding light. He had his early training in arts and painting under these legendary masters of Fine arts. M.V. Devan is the first among the Malayalee artists to get training under Roy Chaudhuri and K C S Panikker. M V Krishnan who has been honoured recently by Kerala Lalitha Kala Academy was a fellow student of M V Devan at Madras School of Arts and Crafts.

After completing the course in Fine Arts, Devan returned to his homeland and joined Mathrubhumi in 1952. He served as a staff artist in Mathrubhumi till 1962. Apart from illustrations, he had contributed reviews, articles and features on art and paintings to the weekly. He has introduced many young Malayali artists practicing in Madras through the columns of Mathrubhumi. He had held many solo exhibitions all over India. Devan was the secretary of Madras Lalitha Kala Academy from 1962 to 1968. He served as the Chairman of Kerala Lalithakala Academy from 1974 to 1977. He was the art consultant of FACT Engineering Design Organization from 1968 to 1972.