Adventure tourism represents traveling motivated by the wish to be in the nature. It includes both physical and cultural interaction between the nature and a tourist. The concept of “adventure” includes the wish of a guest for unusual activities and experience. This is also followed by excitement. The natural and tourist potentials of Serbia are analyzed in this work. The types of adventure tourism, for which there are favorable conditions in our country, are sorted out. Among different adventure activities the most important are: hiking, speleo tourism, rafting, cannoning, paragliding and mountain biking. Nevertheless, due to many problems this branch of tourism is undeveloped. In the analysis of the tourist space of Serbia, the beginning point is the mountain documents from the section about the development of tourism. In accordance with them and based on natural and anthropogenic resources and the potentials of Serbia, the possible ways of development of adventure tourism in Serbia are defined. The aim of this work is to draw attention to adventure tourism of Serbia and to point out the possibilities of its development based on the characteristics of the natural values. It also aims to suggest the potential areas-centers of development of this tourist branch.