Regional seismic risk assessment is necessary for designing effective seismic risk mitigation measures. In general, such risk assessment studies consist of three components: hazard, vulnerability, and exposure modelling. This paper lays the foundations for regional seismic risk assessment of the residential building stock in Serbia and addresses each of the three seismic risk assessment components, either by reviewing the existing or proposing novel models. First, a review of seismic hazard models and seismic design codes used in Serbia in the past 70 years was presented. Next, an overview of Serbia’s population metrics and historical development of Serbian’s residential building stock was presented to provide the context for the exposure model. Furthermore, the paper proposed a novel building classification for Serbia's residential building stock, which is based on the existing building taxonomies, but it has been adapted to account for the local building characteristics. Building damage patterns reported in past earthquakes in Serbia and neighbouring countries were reviewed as a basis for damage classification pertaining to building typologies included in the proposed classification. Finally, the results of a preliminary vulnerability model were presented in the form of expert-based fragility functions derived for buildings typical of Serbia's residential building stock.