In the present paper, education reform in the Republic of Serbia since 2000 is presented. The focus is on two major reform waves: 2000-2003 and 2004-2005. We analyse why these broad educational interventions failed. After 2005, there was a lull in the reform process, a period with no major changes (2005-2010). A new phase of improving education policy in Serbia commenced with the adoption of Trends in the Development and Upgrading of the Quality of Education and Upbringing 2010-2020 (2010) and the conception and proposal of the Strategy of Education Development in Serbia to 2020+ (2012). The basic innovations in approach and conception in the new "epoch" is outlined.