The European Union (EU) and Serbia’s accession to this international organization in a relatively distant future are linked, in the eyes of the Serbian public, with numerous expectations, dilemmas, misunderstanding fears, joys and periodical manipulations. The topic is important, broad and complex, so there is a need for the basic and understandable explanations. While in Serbia this topic is one of the most important and high on the government’s agenda. In the EU and its member countries, it attracts almost no attention and is not a priority issue. Simply, the EU is concerned with much more important issues, such as its future constitutional system security, energy, globalization, unemployment, immigration, demographic problem (population ageing), monetary union, preservation of the single market and adjustment to the EU eastern enlargement of 2004 and 2007. After introduction to the advantages and problems relating to Serbia’s potential accession to the EU, the attention is turned to the issues that include geopolitical conditions for accession to the EU, legislation and functioning of the EU, as well as its budget. Effects of integration, the EU’s interest in Serbia and Serbia’s interest in the EU are presented before conclusions.