Hungarian-Serbian relations have never been as cordial as they are now, and this is an opinion shared by the leadership of both countries in spite of the modern history of the two nations. In our paper, we seek explanation for this change and argue that it is a consequence of multiple factors: First, the geopolitical changes in the Western Balkans, which have resulted in a great power competition that has opened up space for small states, like Hungary, to assert their interests. Secondly, the changes in domestic politics in Hungary that have brought national interests into the foreground, resulting, among other outcomes, in more active foreign policy with regard to the Western Balkans region. In this paper, we attempt to give a different, critical view of these relations, discussing migration, economic cooperation and political maneuvers in particular.