The subject of the analysis is the importance of new education policy of Republic of Serbia, as one of the key factors for economic development, whose dynamics depends on the degree of its realization and capacity of state to implement New Strategy for development of education in Serbia until 2020 (Law on government RS, 2005). In long term, the biggest importance in the process have investments into human capital and education, and research and development. The goal of the paper is to demonstrate that New Strategy for development of education in Serbia until 2020. has responded to requests that educational system should correspond to needs of the economy, to establish active institutional system of linking between science and industry; and that policy of incentives should be focused towards innovation in entrepreneurial sector. The paper starts with hypothesis that level of development of the economy depends on the results of conducted reform in education system, as well as that education system of Republic of Serbia, whose standards lag behind the outstanding legislation standards of European Union, does not satisfy immediate needs of the current economic structure. Defined hypothesis is confirmed in the paper, by the use of comparative legislation analysis of educational policy in European countries and surrounding countries. Basic message of the paper is that establishment of economic development of Republic of Serbia in post-crisis period is closely linked to implementation of education policy whose priorities are given in the New Strategy for educational development in Serbia until 2020, because without reform of education system is impossible to implement structural reforms in the economy.