The Federal Republic of Yugoslavia (Serbian: Савезна Република Југославија / Savezna Republika Jugoslavija) or FRY was a federal state consisting of the republics of Serbia and Montenegro from the former Socialist Federal Republic of Yugoslavia (SFRY), created after the other four republics broke away from Yugoslavia amid rising ethnic tensions. The state existed from 1992 to 2003, when it was reconstituted as a State Union of Serbia and Montenegro which itself was dissolved three years later, when a referendum for independence in Montenegro resulted in the majority of Montenegrins supporting separation from Serbia. This resulted in both Montenegro and Serbia becoming independent countries.

With the separation of other republics from the former SFRY, the FRY was far more ethnically homogeneous. The state's two main ethnic groups, Serbs and Montenegrins, were almost ethnically and culturally identical, though nationalist strains amongst Montenegrins claim that they constitute an ethnic derivative of their own, while others, especially those who support union with Serbia claim that Montenegrins are a sub-group of Serbs. Ethnic minorities included Albanians, Hungarians, Romanians, and other smaller groups. Ethnic tensions and conflict between Serbs and ethnic Albanians in the province of Kosovo was a serious and ongoing problem in the FRY throughout its existence.

The state was not recognized as the official successor to the SFRY and remained unrecognized until 2000. From 1992 to 2000, countries like the United States referred to the FRY as "Serbia and Montenegro" and was often called by its synecdoche "Serbia" due to Serbia having dominant influence in the affairs of the FRY, especially under Slobodan Milošević who, during his term as Serbian President, appeared to have more influence over FRY affairs than the Yugoslav president. Opponents of Milošević and opponents of the rise of Serb nationalism under his leadership, claimed the FRY under Milošević was a "Greater Serbia".