This article aims to analyze the impact of memory on security/foreign policy using the example of Serbia and Bosnia and Herzegovina’s bilateral relations. The basis for these considerations is the concept of ontological security. It indicates the construction of the identity of the state and is implemented through political decisions and social practices (for example remembering important historical events). Here, memory is treated as a social construct. In addition, the article focuses on memory leading to the formation of state identity, also seen in the international sphere. Historical memory has a considerable impact on bilateral relations between countries that used to be in conflict, like Serbia and BiH. In the example analyzed, leaders use historical memory to create separate identities, commemorate chosen and appropriate victims/heroes or important dates, historical sites, monuments events and develop selective narratives. The most significant elements in the analysis of the historical memory of Serbia and BiH relations are (1) the goals of foreign and security policy of Serbia and BiH (2) the contemporary narrative of the Srebrenica genocide and its perception by governments of Serbia, BiH, and by Bosnian Serbs and Bosniaks, and (3) an official Srebrenica commemoration (memorials, Srebrenica Memorial Day).