Until recent times, energy management practices primarily consisted in replacing inefficient equipment and then using any number of methods to estimate obtained savings. Experience shows that positive effects of energy efficient improvements were decreased over time. There have been significant efforts over the last decade to define appropriate standards and best practices and implement the consistent energy management system to increase and maintain the energy savings. The knowledge gained from thousands of energy efficient projects is driving a transition from traditional tactical practice (one-time "build and forget" projects) to energy management strategies proposed and endorsed by a number of international organizations. The current status of internationally developed energy management standards, including an analysis of their shared features and differences is presented in this paper. The purpose of the analysis is to describe the current state of “best practices” for this emerging area of energy efficiency policymaking in order to study the possibility of implementation of energy management standards in Serbia and to estimate the effects and the potential for energy saving that would be made by its implementation.