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The frequency of natural disasters and the extent of their consequences at a global level are constantly increasing. This trend is partially caused by increased population vulnerability, which implies the degree of population vulnerability due to high-magnitude natural processes. This paper presents an analysis of vulnerability to natural disaster in Serbia in the second half of the twentieth and the early twenty-first century. Vulnerability changes were traced on the basis of demographic–economic indicators derived from statistical data for local government units (municipalities) provided by the Statistical Office of the Republic of Serbia. Calculations were performed in the geographical information system environment. The results of the study show that spatial and temporal vulnerability variations are causally correlated with changes in the selected components. Significant rise of vulnerability is related to urban areas, while lower values are characteristic for other areas of Serbia; this is primarily a consequence of different population density.