Intercultural education (ICE) cannot be reduced only to the knowledge, understanding and appreciation of other cultures, but it needs to include strong social justice component. Having in mind the importance of teachers and their competencies in realising the complex goals of intercultural education, the aim of the chapter is to determine which model/paradigm of ICE prevail in teacher initial education and their professional development in Serbia. Fourteen faculties that prepare future class and subject teachers were included in the analyses (43 study programme in total) as well as 117 programmes for professional development of teachers that deal with various aspects of intercultural education. Thematic analyses of the programme/course title, general and specific goals, outcomes, content and (in case of faculty study programmes) literature were conducted. The results show that most of the courses offered to future teachers as well as programmes offered for their professional development fall under the so-called liberal approach, primarily oriented towards the development of emotional and motivational aspects of intercultural competencies, while the critical approach is significantly less represented. Results are discussed from the perspective of the psychology of education, within the context of tolerance vs. transformation paradigm and three areas of understanding—naming, voicing and building the allies.