Von Bolváry was born in Budapest. He attended the Imperial Military Academy in Budapest and subsequently served in the Hungarian army (Honved Hussars). After World War I he left military service with the rank of Royal Hungarian Rittmeister.
He then earned his living in the new Hungarian film industry. He began his career in about 1920 as an actor in various silent films, but soon changed to the Star-Film company, where he was first active as a director and made his debut as director and screenwriter with A Kétarcú asszony. In 1922 the film concern Emelka in Munich hired him as a director for four years.
Between 1926 and 1928 he worked for the firm Fellner & Somlo in Berlin, after which he went to London for a year to work for British International Pictures. After returning to Berlin, he worked until 1933 with Superfilm Berlin and then until 1935 with Boston Films, also in Berlin. From 1936 Bolváry worked for a number of production companies in Vienna, notably for Styria-Film, Terra-Film and Wien-Film.
After World War II Bolváry went to Rome and up to 1949 made a number of films as director for Cinopera. In 1950 he settled in Munich and four years was promoted chief of production of Starfilm.
Between 1920 and 1958, when he made his last films, he directed about 100 films and also wrote scripts from time to time. Aged 63, he died of heart disease on 10 August 1961 in Altenbeuern (now Neubeuern), near Rosenheim in Bavaria, Germany.
After World War II Bolváry was also active as director of operettas at the Volksoper in Vienna.