The Serbian school system is currently undergoing a transformation process, dealing with important issues of interest to society as a whole. One of the possible directions of this transformation is the development of a positive school as an institution in which value is placed not only on achievement but also on the wellbeing of all parties. This paper considers to what extent the professional potential of school psychologists could be utilized in this process. The analysis presented here aims to reassess the possibilities of applying the principles of positive psychology to defining and implementing the role of school psychologists, and to put forward along these lines certain suggestions for their practical work. For this purpose, we have reviewed the theoretical foundations of positive education and related research findings, analysed regulations and research findings regarding the work of school psychologists in Serbian schools, and discussed prospects for their further engagement from the standpoint of contemporary theories of organizational changes and development. The possibilities for creating a positive school have been corroborated through numerous studies. According to Serbian school regulations, the school psychologist is expected to be engaged in improving all aspects of work in a school, as well as relationships between all participants in that process. Research findings on building a positive school provide a stimulus, while the position of the school psychologist provides the basis for his or her engagement in the process of transforming Serbian schools into positive schools. The conclusion is that school psychologists could contribute to the development of the school as a positive institution provided their professional role is redefined in accordance with the principles of positive psychology.