The Republic of Serbia is traditionally a country of emigration, especially since the 1960s. As a result of this emigration, return migration has become an increasingly intensive migratory process in the 21st century. This study aims to examine the factors behind return migration, as well as to explore the characteristics of the reintegration process in Serbia, including the sustainability of return. This paper is based on a survey (N = 172) and interviews (N = 20) conducted with return migrants in Serbia. The research findings point to the diversity of the return migration factors, among which a longing for the country of origin is singled out as the most important. Regarding the reintegration process, this study highlights several differences that are apparent between retired returnees on the one hand and other returnees (students, employed, unemployed) on the other. The results show that the satisfaction with quality of life upon return is higher among older returnees and that the satisfaction with quality of life decreases as the respondents’ level of education increases. It is also found that the sustainability of return is connected to the life satisfaction and that respondents who plan to migrate again are the least satisfied with the quality of life compared to those who plan to stay and those who have not decided yet. This paper provides insights into some of the critical elements of the return migration and reintegration process in Serbia. Since return migrants can contribute to sustainable socio-economic development due to their human, social and financial capital, this study may be of relevance to the development of strategies and the implementation of policies in the domain of migration governance.