The purpose of the study is to reveal and systematize the ideological and value bases of the foreign policy of the Republic of Serbia in the 21st century. In academic and public discussions, the foreign policy of the Republic of Serbia is often characterized by the metaphor of “sitting on two chairs”. Hence, the authors examine the specifics of the Republic of Serbia's foreign policy course in order to identify the ideological and value orientations underpinning it. Discourse analysis of the content of the texts of parliamentary resolutions, as well as speeches and statements of public officials revealed two different discursive directions: 1) the globalist discourse based on the idea of materialistic values prevalence, which is instrumentally connected to the foreign policy orientation towards the West; 2) the national discourse, the value and conceptual dominants of which are the maintenance and strengthening of national identity and which is instrumentally connected with foreign policy reliance on the Russian Federation.