Based on published and unpublished archival sources of Yugoslav and Soviet origin, as well as relevant memoirs and historiography, the article examines the course of negotiations between the Yugoslav and Soviet diplomatic representatives in 1918-1924 on mutual recognition and establishment of regular diplomatic relations. The circumstances under which the negotiations began, the reasons that prompted both sides to them, the influence of the interested powers and the Yugoslav Little Entente allies are analyzed. The diplomatic steps taken by the Kingdom of Serbs, Croats and Slovenes immediately after the end of the First World War and aimed at normalizing relations with the largest and most important Slavic country coincided with the efforts of the revolutionary authorities of Russia to break out of isolation and take their place in the international community. Although mutual interests dictated the rapid and effective normalization, a number of factors caused the failure of negotiations. There were fears in Yugoslavia that mutual recognition would lead to a strengthening of the role of Communists in society and that Bolshevik propaganda would undermine the foundations of the existing state system. In addition, the tacit and often direct support of various separatist political groups in Yugoslavia by the Bolsheviks was particularly suspicious. Despite a number of significant political factors and support for rapprochement with the Soviets of a significant part of society, the most influential figures of the Radical Party led by Nikola Pashich, as well as King Alexander Karageorgievich, reacted negatively to this idea.