It was founded in May 1997 as a joint-stock company, by spinning off the telecommunications business from PTT Srbija (present-day Pošta Srbije).

In April 2015, Telekom Srbija started providing all services in Serbia under the mts brand.

[15] On 6 January 2015, Telekom Srbija acquired a 55.8 percent of shares in the Dunav banka, becoming its majority owner.

[17] In November 2018, Telekom Srbija bought domestic cable operator "Kopernikus Technology" for 190 million euros.

[18][19] The transaction made public outrage in Serbia as Kopenikus' market worth at the time of purchase was several times lower than the amount it was purchased for; it was also revealed that major stakeholder in company was a close relative to ruling Serbian Progressive Party officer.

[20] Month later, Kopernikus' former owner used much of that money for the purchase of B92 and Prva Srpska Televizija, two television networks with national coverage.

[21] On 6 January 2019, Telekom Srbija acquired domestic cable operators Radijus Vektor and "AVcom", in a transaction worth 120 million euros.

[26] At present, Telekom Srbija provides the following services: The Mobile Telephony of Serbia (mts) subdivision was created in June 1997 and started operating in August 1998.