Despite their undeniable success in the FIVB Volleyball World League, Serbia are yet to take the title. Between 2003 and 2009 they appeared in four finals and lost on each occasion. In 2003, 2005 (both times participating as Serbia and Montenegro) and 2009 their tormentors were Brazil, while in 2008 the United States beat them 3-1. Several standout players earned individual awards during this era, including Ivan Miljkovic, who remains the only player to be named the World League's MVP four times. Serbia’s performance dipped in 2011 and 2012 when they finished both editions in ninth place. They made a slight improvement when they placed eighth and sixth in 2013 and 2014, respectively. They bounced back in 2015 as they entered the Final Six and won silver.

Serbia finished level-ninth at the 2014 FIVB Volleyball Men’s World Championship. Before that, they consistently won medals at other international events, including bronzes at the 2010 World Championship and 2003 FIVB Volleyball Men’s World Cup, but their crowning glory came competing as Yugoslavia at the Sydney 2000 Olympic Games. Having won bronze four years earlier in Atlanta, they defeated Russia in the final to win gold.