The team is considered the successor to the Serbia and Montenegro national under-21 football team, which in turn was the successor to the Yugoslavia national under-21 football team.
In 2006 Serbia and Montenegro separated, with its governing body converting into the FA of Serbia. The Serbian under-21 team has assumed Serbia and Montenegro's place in the qualifying round for the UEFA U-21 Championship 2007, whilst Montenegro cannot compete internationally at U21 level until a Montenegrin FA is established and officially ratified. Because the U21 Championship of 2007 is already underway, a Montenegro U21 team cannot play competitively until qualification for the 2009 tournament, at the earliest.
Playing record
FR Yugoslavia/Serbia-Montenegro
The senior team played its first match in December 1994. The U-21s' first competitive matches were in the qualification stage of the 1998 competition.
The under-21 team failed to qualify for the first three UEFA Under-21 competitions it entered, but were runners-up in the 2004 tournament. In their final championship, taking place in Portugal, Serbia and Montenegro qualified for semifinals, where they lost on penalties to Ukraine.
Serbia
Serbia's U-21 National Team qualified for the U-21 European Championship held in The Netherlands, in June 2007, after a remarkable two game play-off against Sweden. After a shocking 3-0 loss at home, Serbia overturned the result two weeks later, defeating Sweden 5-0, and advancing to the final tournament. Serbia's 2007 U-21 European Championship campaign was very successful, as they finished in second place, losing the final to the hosts, by a score of 4-1. On their way to the final, they defeated Italy (1-0), Czech Republic (1-0), and Belgium (2-0). The only other loss, besides the final, was the 3rd group game against England (0-2), which was a meaningless game for the Serbians, as they had already qualified for the semifinals.
Since 1992 Olympics football changed to U-23 event, and the European U-21 teams, technically are U-23 teams. The winner, runner-up and third placed team of UEFA European Under-21 Football Championship qualify for the Olympics.