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The main objectives of this paper are to present some aspects of political, socio-economic and historical development of CSR, initiatives that promoted CSR and the practice of CSR by businesses in Serbia. Corporate philanthropy has a long and continuous tradition in Serbia. During the nineteenth and twentieth centuries, until the Second World War, many citizens, business people and traders, shared their wealth with wider community. After the Second World War in socialism, social responsibility was initiated by the government, ideologically defended by concern for interests of workers and was focused internally and externally. Social responsibility in areas of employees relation as well as women equality has root in past, but social responsibility in areas of customer protection, environment and ethical business became in lime light much later in Serbia. However, CSR in Serbia is still more about financial and non financial philanthropy and charity and is primarily considered external to a business. Awareness of CSR concepts differ from company to company. Even in the group of the CSR—conscious companies, CSR is much more recognized as a term, than an integrated practice in everyday business. Integration of the CSR into the core business activities, business strategy and long-term planning is a prerequisite for sustaining corporate responsibility in Serbian and transitional societies.