Ibrahimovic, who retired from football this summer, appeared at the Festival dello Sport in Trento on Sunday, and discussed a range of topics from his career.
Among them was his take on maverick Italian striker Balotelli, whom he played with at Inter Milan.
“When a kid has the opportunities to make the most of his talent and does not take them, that is a pity,” said Ibrahimovic.
“Balotelli had so many opportunities and he missed all of them, he just threw his talent away. This is the truth.”
Balotelli just responded to Ibrahimovic's opinion of him by posting a picture celebrating with the Champions League trophy he won with Inter Milan in 2010.
That is in reference to the fact that Ibrahimovic never won the highly coveted trophy throughout his illustrious career that took him to Ajax Amsterdam, Juventus, Inter Milan, AC Milan, Barcelona, Paris Saint Germain and Manchester United.
Balotelli recently signed up for a second spell with Turkish side Adana Demirspor.
The 33-year-old former Italy international is widely regarded as one of the most talented footballers of his generation but could not unlock his full potential due to his attitude.