Fungal diversity is one of the most important indicators of overall forest biodiversity and its health. However, scarce information exists on the state of macrofungal communities of mountain forests in Serbia, making it one of the countries with the least-published mycological data in the Mediterranean and Balkan region of Europe. This paper presents the results of the first comprehensive, long-term study of macrofungal communities in some of the most important mountain forest ecosystems in Serbia (Tara, Kopaonik and Vidlič). In the course of three consecutive years, the sampling of five permanent experimental plots resulted in 245 species of macrofungi, classified into three functional groups (terricolous saprothrophs, lignicolous, and mycorrhizal fungi). Special attention was given to protected and indicator species, which point out the great value of studied forest habitats and the importance of their conservation. It was found that precipitation, habitat humidity, and temperature significantly influence the occurrence and distribution, primarily of mycorrhizal and lignicolous group of fungi. Thus, the continuation of long-term monitoring is crucial in order to more precisely determine which groups/species of macrofungi would, and to what extent they would, adapt to a rapidly changing climate.