Energy refurbishment of school buildings is a priority regarding both energy consumption in buildings and improving comfort conditions for sensitive young occupants. During 2016–18, a group of teachers and associates from the Faculty of Architecture, Mechanical Engineering, and Electrical Engineering from the University in Belgrade participated in the project “Energy efficiency in public buildings” in cooperation with GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit), University of Belgrade, Faculty of Architecture and Ministry of Mining and Energy of the Republic of Serbia. During 2016 and 2017, a comprehensive survey and database of public buildings were conducted by the local community. The focus of the research was the facilities of children’s institutions, and detailed data were collected to determine the current building stock conditions, energy consumption, and possible improvements. This paper presents the methodology of the project based on defining the typology of buildings, determining the representatives of the characteristic periods of construction, and analyzing their energy performance. Five possible scenarios were considered: designed condition, existing state, and three levels of a building improvement. The main goal of this project was to ascertain the entire fund for school buildings, indicate the potential for energy savings of this type of public building at the national level, and use this as a starting point for developing strategic decisions and further energy efficiency policies. This paper presents the complete results of the research on school buildings in Serbia, their energy performance, and possible energy savings. Key findings show that a great majority of schools are in a poor state in terms of their energy efficiency, but at the same time, there is a large potential for improvement of building envelope, HVAC, and lighting systems, which can cut the current energy need for heating to up to 80%.