Ive Šubic was born in Hotovlja near Poljane nad Škofjo Loko. In 1940, he enrolled at the Academy of Fine Arts in Zagreb, and continued his painting studies at the Academy of Fine Arts in Ljubljana under Professors Gojmir Anton Kos and Božidar Jakac. He graduated in 1948, and specialized in painting under Professor Gabrijel Stupica in 1950.
In 1968, he won the Prešeren Fund Award for his paintings exhibited at the Gallery of the Škofja Loka Museum in 1967. In 1979, he won the Prešeren Award for his fine art creations.