He was born in Kromeriz in Czechoslovakia and studied at the conservatory in Prague. For a short period he was leader (principal violinist) of the Berlin Philharmonic Orchestra. From 1919 to 1941 he became chief conductor of the Czech Philharmonic Orchestra, raising them to a level where they were internationally respected and touring widely with them.
From 1935 he was head of opera at the Czech National Theatre. He was forced to leave when it was closed by the Germans during World War II, took up the post again after the end of the war, was fired following disagreements with the government, took the post up again shortly thereafter, and was then fired once more after the Communist party took control of the country. Subsequently, he became conductor of the newly formed Slovak Philharmonic Orchestra in Bratislava. He also taught, with Charles Mackerras among his pupils. He died in Beroun.
Talich was particularly noted for his interpretations of Czech composers such as Antonin Dvorak, Bedrich Smetana and Josef Suk. He also did much to bring the operas of Leos Janacek into the standard repertory.