Vego was born in Čapljina (Bosnia and Herzegovina) to father Jozo who was a worker at a tobacco station. Vego finished a Široki Brijeg classical gymnasium, the Faculty of Theology at the University of Freiburg (Germany) and the University of Zagreb (Croatia), Faculty of Philosophy also at the University of Zagreb and a professorial exam in Belgrade, Serbia. He wrote a doctoral thesis titled "History of Zachlumia from the coming of Slavs to uniting with Bosnia in 1322" (Serbian: Povijest Humske Zemlje od doseljenja Slovena do sjedinjenja s Bosnom 1322 godine) at the Faculty of Philosophy in Zagreb. He did not present it due to some unexplained circumstances.
Vego worked as a history teacher at the State Real Gymnasium in Nikšić, Montenegro from 1938 to 1944. He also took part in the Antifascist Action from October 1, 1944 to May 15, 1945. He was a professor at the first Teacher Course in Trebinje and advanced to the status of the Trebinje Partisan Gymnasium principal on February 22, 1945. In 1946 and 1947 he was the principal of the State Real Gymnasium in Mostar, Bosnia and Herzegovina, and since September 9, 1947 he worked as a professor at the Teacher Course in Sarajevo. In 1949–50 he was the principal of the Teacher School in Sarajvo. From August 28, 1950 to December 9, 1957 he was the director of the Country Museum of Bosnia and Herzegovina in Sarajevo.
Marko Vego retired in 1965. He received several awards in Bosnia and Herzegovina for his work (the most important one is the July 27 award). Vego's subject of focus were mostly medieval times and he was best known for his work in archeology, numismatics, epigraphy and topographical history of Medieval Bosnia. He published more than 300 works. He died in Sarajevo.
- Povijest Humske zemlje (Hercegovine), Samobor, 1937
- Ljubuški. Srednjovjekovni nadgrobni spomenici Bosne i Hercegovine VI, Sarajevo, 1954
- Don Ivan Musić i Hrvati u Hercegovačkom ustanku 1875.–1878. godine, Sarajevo, 1955 (self-published)
- Naselja srednjovekovne bosanske države, Sarajevo, 1957
- Historijska karta srednjovjekovne bosanske države, Sarajevo, 1957, 1978
- Historija Broćna od najstarijih vremena do turske okupacije, Sarajevo, 1961
- Zbornik srednjovjekovnih natpisa Bosne i Hercegovine I, Sarajevo, 1962
- Zbornik srednjovjekovnih natpisa Bosne i Hercegovine II, Sarajevo, 1964
- Zbornik srednjovjekovnih natpisa Bosne i Hercegovine III, Sarajevo, 1964
- Bekija kroz vijekove, Sarajevo, 1964
- Zbornik srednjovjekovnih natpisa Bosne i Hercegovine IV, Sarajevo, 1970
- Iz istorije srednjovjekovne Bosne i Hercegovine, Sarajevo, 1980
- Historija Brotnja od najstarijih vremena do 1878. godine, Čitluk, 1981
- Postanak srednjovjekovne bosanske države, Sarajevo, 1982
- Dautbegović, Almaz (1985-03-11). "In memoriam, Marko Vego". Oslobođenje (in Bosnian). Sarajevo (42/13190): 5.
- Dautbegović, Almaz (1990). "Marko Vego 1907.–1985.". Glasnik Zemaljskog muzeja BiH. Sarajevo. A (45): 1–4.
- Fekeža, Lidija (1990). "Izbor iz bibliografije naučnih radova Marka Vega". Glasnik Zemaljskog muzeja BiH. Sarajevo. A (45): 5–6.
- Glavaš, Tihomir (1988). "Vego Marko". AL BiH. Sarajevo: Zemaljski muzej. A (45): 183.
- Mihaljčić, Rade; Ćirković, Sima (1977). "Vego Marko". Enciklopedija srpske istoriografije. Belgrade: Knowledge: 300–301.
- Vego, Marko (1980). "Spisak naučnih radova prof. Marka Vege (od 1937. do prve polovine 1978. godine)". Iz istorije srednjovjekovne Bosne i Hercegovine. Sarajevo: 487–501.