Public management in Serbia has been experiencing reform changes since 2000. In this paper we attempt to analyze reforms in public management in Serbia during the period 2000-2010 from two theoretical frameworks: the institutional changes perspective and the downsizing perspective. We believe that the selected time frame is suitable for our research, since the period of ten years is long enough for radical changes to take place. The analysis from the institutional changes perspective suggests that the success in creating the new state administration institutional model in Serbia will greatly depend on the amount of pressure put by the European Union and IMF on the Serbian Government, but also on raising the level of knowledge and competence for conducting necessary changes in the Serbian state administration. The analysis from the downsizing perspective reveals that efforts aimed at downsizing of public administration in Serbia, initiated by the need to achieve results quickly, have almost been blocked by strong forces towards maintaining the status quo.