Direct simulation of rare events using atomistic molecular dynamics is a significant challenge in computational biophysics. Well established enhanced sampling techniques like umbrella sampling, metadynamics and adaptive-biasing forces are able to calculate the free energy landscapes for rare events involving barrier crossing. But developing methods for obtaining kinetics of long timescale processes from molecular dynamics simulation is still an emerging area of science. Milestoning and weighted ensemble (WE) are two different path sampling based strategies which have shown promises for computing timescales of complex biomolecular processes. Nevertheless, both require a significant investment of computational resources. We have combined WE and milestoning, in a novel way, to calculate experimental observables in orders of magnitude less CPU and wall-clock time. Our method uses WE simulation to converge the transition probability and first passage times between milestones, followed by the utilization of the theoretical framework of milestoning to extract thermodynamic and kinetic properties of the entire process. We tested our method for a simple one dimensional double well potential, an eleven dimensional potential energy surface with energy barrier, and on a molecular system of alanine dipeptide. We were able to recover the free energy profiles, time correlation functions, and mean first passage times for barrier crossing events at a significantly small computational cost. Our method promises to extend the applicability of molecular dynamics simulation to the slow dynamics of large systems which are beyond the scope of present day computer power.