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Segawa Michisaburo was born in Ibaraki Prefecture in 1894, with the real name Okada Shigeo. He trained under Segawa Karaku and advanced at the Miyatoza Theatre, adopting the name Segawa Michio. In 1924, he joined Makino and made his film debut in Ichikawa Hanya's Jonetsu no hi. In Utaruru Mono (Vengeance and Sorrow), he portrayed the brother of Kadota Tokizo (later Tsukigata Ryunosuke), a samurai who is suspected and killed by Bando Tsumasaburo.
In 1925, he moved to Teikoku Cinema, taking on supporting roles alongside Onoe Monjuro in films like Kanto Kyokyakuden and Sozenji Baba. That same year, he transferred to Toa Cinema, where he co-starred with Ichikawa Kobunji in Ikakematsu Hobaku and Senma Kesazukin. As Kumoi Ryunosuke rose to fame, the two appeared together in works such as Hiren Shijugaoka, Adauchi Jidai, and Gonpachi Irozange. During this period, Segawa became a leading supporting actor, playing roles like Shimizu Jirocho in Mitsuoka Ryusaburo's Mori no Ishimatsu.
In 1928, Segawa helped establish Chie Productions and remained its longest-serving member. However, Chiezo Pictures did not offer him villainous or comedic parts. Under directors such as Inagaki Hiroshi, Itami Mansaku, and Furitsu Rankyo (Soga Masashi), he developed distinctive characters and grew into a prominent supporting actor in period dramas.
Segawa was also known for numerous villain roles, including Sanbin Shishiroku in Goronbo Jidai (The Goronbo's Story), Kantaro of Isobe in Yataro Gasa, Kagaya Shichibe in Furyu Katsujinken, and the antagonist in Arashi Kanjuro's satire Adauchi Kokyogaku.