Serbian orthography is very consistent: approximation of the principle "one letter per sound". This principle is represented by Adelung's saying, "Write as you speak and read as it is written", the principle used by Vuk Stefanović Karad?ić when reforming the Cyrillic orthography of Serbian in the 19th century.

Two alphabets are used in Serbian language: the Cyrillic and the Latin. The two alphabets are almost equivalent.  

- The letters Lj, Nj and D? are represented by two characters in the Latin alphabet and are always written together even in top-down text). They are also sorted together (i.e. ljubav comes after lopta).

- Cyrillic is considered more precise because there is no ambiguity involved in reading Lj, Nj and D?. For example, both Cyrillic "инјекција" (mathematical injection or medical injection) and "његов" (his) are written with "nj" in Latin form. Thus, transliteration of Cyrillic text to Latin is straightforward but causes loss of information that makes it harder to perform the inverse.
 
Alphabeth:
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Cyrillic:
A | Б | Ц | Д | E | Ф | Г | Х | И | J | K | Л | M | Н | O | П | -  | Р | С | T | У | В | -  | -  |-  | З
 
The sort order of the two alphabets is different.

Serbian chirilc alpahabeth

Cyrillic: А  Б   В  Г  Д   Ђ  Е  Ж  З  И  Ј  К  Л  Љ  М  Н  Њ   О  П  Р  С  Т  Ћ  У  Ф  Х  Ц  Ч  Џ   Ш  

Roman: А  B  V  G  D  DJ  E  ?  Z   I  J  K  L   LJ  M  N  NJ   O  P  R  S  T  Ć  U  F  H  C  Č  D?  Š

Cyrillic	Latin		Cyrillic	Latin
А	A		Н	N
Б	B		Њ	Nj (read like New York)
В	V		О	O
Г	G (read always like Grenoble)		П	P
Д	D		Р	R
Ђ	Đ or Dj (read like Genova)		С	S
Е	E		Т	T
Ж	? (read ? like Geneve)		Ћ	Ć (read like Piacenca)
З	Z		У	U
И	I		Ф	F
Ј	J		Х	H
К	K		Ц	C
Л	L		Ч	Č (read like Chicago)
Љ	Lj  (read like Ljubljana)		Џ	D? (read like Jakarta or Georgetown)
М	M		Ш	Š (read like Shanghai)

Vowels

The Serbian vowel system is simple, with only five vowels. All vowels are monophthongs.

The oral vowels are as follows:

Latin script	Cyrillic script	IPA	Description	English approximation
a	а	[a]	open front unrounded	father
i	и	[i]	close front unrounded	seek
e	е	[ɛ]	open-mid front unrounded	ten
o	о	[ɔ]	open-mid back rounded	caught (British)
u	у	[u]	closed back rounded	boom

List of common phrases: 

Serbian: Srpski - Српски 

hello: zdravo, здраво /zdrA-vO/ (z like in zebra) Literal translation: healthy

good morning:  dobro jutro - добро јутро

good afternoon: dobar dan -  добар дан

good evening:  dobro veče -  добро вече

good-bye: doviđenja -  довиђења /dOvidʲɛnʲɑ/ Literal translation: until we see again

please:  molim - молим /mO-lim/ (moleam) (lit. I beg)

thank you: hvala -  хвала /hvA-la/ Literal translation: praise

that one:  to - то (not as English to)

how much?:  koliko? - колико?/ko-li-ko/ (coleeco, co-, -co => cup)

English:  engleski - енглески/en-gle-ski/ (-skee)

yes:  da - да /dA/

no:  ne - не/ne/

generic toast:  živeli! - живели! /ži-ve-li/ (zhiveli) Literal translation:

(lit. to your health), (lit. live)

sorry:  izvinite  - извините  (polite)/ezveeneete/ (formal) 

I don’t understand:  ne razumem - не разумем /na rAzUmem/

Where is [the bathroom (toilet)]?:  Gde je toalet? - Где је тоалет?/gde je toAlEt/

Do you speak English?:  Da li govorite engleski? Govorite li engleski? - Да ли говорите енглески? Говорите ли енглески?

You're welcomе: molim - молим (polite), Nema na čemu - нема на чему

Excuse me: izvinjavam se - извињавам се  (lit. I excuse myself)

My name is...  Ime mi je or more often Zovem se... (lit. I'm calling myself...) Име ми је ... оr Зовем се...

What? Šta? - Шта?, Molim? - Молим? (polite)

OK: u redu - у реду  (lit. in order)

I don't kno: ne znam - не знам

More information:

http://www.answers.com/topic/serbian-language