The article deals with the features of the socio-political system development in Serbia in the course of two decades after the collapse of Yugoslavia (SFRY). The period of investigation consists of three stages of managerial elites evolution (1992–2000, 2000–2012, since 2012), which differ from each other by the intensity of political transformations and social institutions establishment. The author considers key challenges for Serbian internal and external policy during the last two decades, as well as the changes of geopolitical codes of official Belgrade (on the example of relations with the European Union and Russia).