Research on natural and cultural heritage as one of the key levers of sustainable tourism development in Serbia has been conducted 2010, for the elaboration of the Master plan for Sustainable Rural Tourism Development in Serbia. To evaluate achieved and potential attractiveness of natural and cultural heritage at rural Serbia the FAS methodology was implemented, and the results of this evaluation are discussed. Based on achieved and potential attractiveness and accessibility of natural and cultural heritage, and other criteria, the rural tourism clusters have been established. Methodology for rural tourism clusters identification and prioritization is presented, and the results of prioritization discussed. Elaboration of the Master plan for Sustainable Rural Tourism Development in Serbia has been based on the holistic approach. Therefore the aim of rural tourism development is to protect, revitalize and use the natural and cultural assets in sustainable way to benefit the rural communities. Challenges and possibilities for sustainable heritage utilization, sustainable rural tourism development, and management arrangements are discussed for two cases - Viminacium archaeological park and Mountain Stara planina Nature Park. Based on analyzed cases the evaluation criteria for management of sustainable heritage utilization and rural tourism development are proposed.