Wild edible mushrooms have received significant scientific and socio-economic attention in the last few decades, since they have become the subject of a booming trade business. Through last decades, Serbia, a small country positioned in the South East of Europe, has become a source country for extensive export of commercially important species of wild mushrooms. The data used for international analyses of national policy on mushroom protection and trade are cited usually from personal communications and therefore are not really reliable. Extensive investigations into diversity or ecology of macro fungi in Serbia have never been undertaken. The forestry sector, which is managing all forests in the country, has absolutely neglected its role in ecosystems while habitats of macro fungi have been permanently destroyed. There are only two legal acts that refer to mushroom protection directly and none aims to protect their habitats or diversity in practice. In this contribution, a comprehensive review of official data on research, conservation, socio-economic importance and legislation on wild edible mushrooms and truffles in Serbia was provided. Additionally, the application of existing legal acts on conservation of macro fungi and data on wild mushroom trade in the period between 1993–2016, during which time the trade control has been initiated was analysed. The currently valid system of conservation and trade control are discussed in the frame of protection of wild mushroom species and their habitats and measures for upgrading this system in order to meet the requirements of the sustainable use of natural resources in the socio-economic conditions of Serbia are proposed.