Return migration is one of the most intensive migration processes in numerous countries of origin of migrants nowadays. In the Republic of Serbia, as a traditionally country of emigration, return migration has taken place in the last several decades. The aim of this paper is to examine the factors of return migration to Serbia and to investigate whether return migration is last stage of migration cycle. The paper is based on the results of an interview conducted in 2021 with return migrants in Serbia. The results show that return migration is motivated by a number of factors among which family reasons are dominant. It is also found that secondary emigration is an option for predominantly younger ones who before return in Serbia spent abroad less than five years. Understanding the migration cycle and the factors that influence return migration and secondary emigration intentions of returnees is important for migration governance, especially for a country like Serbia that is dealing with this process intensively and intend to attract migrants from abroad to return.