Teodosić helped the Serbian national team win a EuroBasket silver medal in 2009, as well as a FIBA Basketball World Cup silver medal in 2014, being elected to the All-Tournament Team in both competitions. He also won an Olympic silver medal at the 2016 Rio Games. He was named FIBA Europe Player of the Year in 2010, and in 2016, he was voted the best non-NBA player in the world by NBA coaches, as well as the European Player of the Year by "La Gazzetta dello Sport".