Technological innovation is defined as the process of introducing new or improving existing technologies with the aim of creating a new or significantly improved product, service or process, implying the application of scientific or technical knowledge in the generation of innovative solutions that increase productivity and efficiency, create added value, encourage economic growth and competitiveness, bring new business opportunities and enable greater adaptability to market changes. As a kind of mix of creative ideas, research and development (R&D) acitivies, technological innovations play a key role in the development of modern society, economy and industries. Their special dimension consists of green technological innovations that rely on the development and application of technologies aimed at minimizing the negative effects of people’s activities on the environment and wider society. Green technological innovations are sustainable by their nature, which is why they are already 376 ”Challenges of Digitalization in the Green Economy” Belgrade, October 30th, 2025 widely used in the green transition process. In addition to a detailed analysis of the concept and effects of technological innovations and their connection with the UN’s Sustainable Development Goals (SDGs), this article also provides an overview of the most important technological innovations that are widely used in the world and in Serbia. Unlike the countries of the European Union (EU) and the region of Southeast Europe (SEE), which are more focused on digital and green technological innovations, recycling and various circular solutions are applied to a greater extent in Serbia, while smart and digital solutions are used to a much lesser extent. The article concludes that these innovations have enormous importance for the economy of Serbia, especially in the context of its sustainable growth and development, environmental protection and harmonization with EU standards, but that their ultimate success still depends on the achieved synergy between the state, policy makers, the private sector, the academic community and the citizens themselves.