The Serbian language is a Slavic language spoken by over 12 million speakers and well understood by over 15 million people. In the area of natural language processing, it can be considered a low-resourced language. Also, Serbian is considered a high-inflectional language. The combination of many word inflections and low availability of language resources makes natural language processing of Serbian challenging. Nevertheless, over the past three decades, there have been a number of initiatives to develop resources and methods for natural language processing of Serbian, ranging from developing a corpus of free text from books and the internet, annotated corpora for classification and named entity recognition tasks to various methods and models performing these tasks. In this paper, we review the initiatives, resources, methods, and their availability.