Devan was born on 5th May 1954 in Thrissur, Kerala. He has three siblings Sheela, Shobha, and Sureshbabu. He had finished his schooling from Govt Model Boys Higher Secondary School, Thrissur. Then he did his graduation in Science from St. Thomas College, Thrissur and also a post-graduate degree in Masters in Business Administration. After doing a lot of supporting actor roles he got opportunities as a lead actor in his films like Aaranyakam, Simon Peter, Oozham, Oru Minnaminunginte Nurunguvettam, and Ninakku Vendi and many more. His well-known movies such as Baasha, Ekalavyan, and Indraprasdham are still very popular among his fans.
All total he has acted in over 250 films including Malayalam, Tamil, and Telugu language films. He is also a famous Statesman and is currently working as a leader of the Kerala People’s Party. When He started his career as a producer of the Malayalam movie Vellamin in 1985, but then he continued his acting in films after suffering a heavy loss from the failures of his films at the box-office. He is married to well known Malayalam film director Kariat's daughter, Suma. And the couple has a daughter named Lakshmi. Recently His wife Suma passed away on 12th July 2019.