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The review on greatest floods recorded in Vojvodina and central Serbia within the period from 1999 to 2009 is given in this paper. For 13 hydrological stations, that recorded the greatest floods for the present period, probability of occurrence of these floods has been accomplished. Based on analysis of time series of discharge and water level maximum, performed by applying probability theory and mathematical statistics, and calculated theoretical probability distribution function of floods, probability of occurrence of flood has been obtained. Most often the best agreement with the empirical distribution function had a Log-Pearson III, Pearson III distribution. These results can be used for dimensioning of hydro-technical objects for flood protection. The most significant causes for floods recorded in this period were melting of snow and intensive rainfall. In this paper the current situation of flood protection and future development of flood protection measures were also presented. .