Since the 1970s, there has been increasing attention to environment. To what extend and how one society will take care of the environment largely depends on its importance in the value system of every individual and society as a whole. The aim of this paper was to examine the importance of the environment in the system of individual/ personal values of the citizens of Serbia, the assessment of its importance in the value system of the society as a whole, as well as to find out what is of higher priority for respondents - environment or economic development. For this purpose, a survey was conducted among a sample of 250 respondents. The obtained results show that, in spite of the low standard of living and a long-term economic crisis in the country, environment is highly rated, both at the level of personal priorities (where environment is ranked on the third place), and at the country level (where it is ranked on the second place). The attitudes of the respondents showed that the truce and reconciliation of ecology and economy is necessary and required for the development of a more sustainable society. [Projekat Ministarstva nauke Republike Srbije, br. OI179028: Ruralno tržište rada i ruralna ekonomija Srbije-diverzifikacija dohotka i mogućnosti smanjenja siromaštva]