Ivailo Kalfin  was born on May 30, 1964, in Sofia.

He graduated from French Language School Alphonse de Lamartine in Sofia. He holds a Master’s degree in International Economic Relations from the University of National and World Economy and a Master's degree in International Banking from the University of Loughborough University, UK. His professional training includes a number of specializations in Belgium, the Republic of Korea, UK, USA, UK and others. He was awarded Honorary Doctor of Loughborough University, UK. He is fluent in French, English, Spanish and Russian.

He has received a number of foreign government orders.

He was elected MP in the 37th , 38th , 40th  and 43rd  National Assembly, where he also worked in the Budget and Finance Committee and the Foreign Affairs Committee (1995-1997, 2000- 2001 and 2005).

Between 2002 and 2005 he served as Economic Affairs Secretary to President of the Republic of Bulgaria Georgi Parvanov.

From 2005 to 2009, Ivailo Kalfin served as Deputy Prime Minister and Minister of Foreign Affairs of the Republic of Bulgaria.

From 2009 to 2014 he was a Member of the European Parliament from the Group of the Progressive Alliance of Socialists and Democrats. He was Head of the Bulgarian Socialist delegation in the European Parliament.

Since 2014 Ivailo Kalfin has been one of three members of the High Level Group on own resources reform, led by Italy’s former Prime Minister Mario Monti.

He was elected Deputy Prime Minister for Demographic and Social Policies and Minister of Labor and Social Policy on November 7, 2014 by the 43rd National Assembly.