Stuart Pearce's side must win the two-legged tie in order to secure their place at the European Championships held in Israel next summer, after topping their qualification group
Victory over Norway Under-21s in Chesterfield on Monday confirmed England's place as winners of Group 8 and put them in Pot A as one of the seven top-seeded teams.
Finishing as group winners meant England avoided the three previous winners of this competition; Spain, Germany and Holland.
Manager Stuart Pearce was at Uefa Headquarters in Switzerland for the draw to see the Three Lions paired with Serbia, who finished qualifying as winners of Group 4.
The two legged-tie will be played on October 12 and 16 with the winners advancing to the finals of the European Under-21 Championships in Israel which takes place between June 5-18 next year.
Pearce's side will play the home leg first before flying out to Serbia for the second leg four days later.