Xherdan Shaqiri slotted home with seconds remaining of the 90 minutes to clinch a huge win for Switzerland.
The all-European encounter was expected to produce a cagey affair, however it was anything but.
A pulsating clash, that was fuelled from the very beginning by a thunderous Aleksandr Mitrovic header, ended in heartbreak for Serbia.
Their qualification hopes now ride on them edging past Brazil on the final matchday.
Switzerland, for much of the game, looked the side most likely to be under the cosh ahead of the last round of group games.
When Mitrovic powered the Serbians into the lead they were in pole position to cruise into the knockouts.
The picture altered drastically, though, thanks to an astonishing Granit Xhaka equaliser.
Shaqiri was then coolness personified to scorch through and slide under the onrushing Stojkovic, sealing what could prove an invaluable three points for the Swiss.
Another riveting game – where does it rank?
There have been some belters at this World Cup already – Portugal’s incredible stalemate with Spain the undisputed front runner – and this one is certainly up there.
As far as late drama, a quick tempo and permutations go, you couldn’t have asked for much more.
Serbia knew a win secured their round of 16 berth, while Switzerland were fully aware anything less than three points would place their knockout hopes in jeopardy.
Those potential outcomes, as well as a sprinkling of stars including eventual winner Shaqiri and Milinkovic-Savic, made for a superb match.
A game of two halves
Serbia again showed their willingness to get forward in numbers. They countered with pace and prowess once more, and looked a far more dangerous outfit than in their opener against Costa Rica.
Mladen Krstajic’s men chalked up the early goal to show for their blistering start, but it was a different story for the Swiss.
Switzerland took a while to warm into the game. An admittedly poor first half suggested they would find it difficult, however Vladimir Petkovic must have made a genuine influence in his half time team talk.
Granit Xhaka’s magnificent leveller came after their first real period of sustained pressure, and ultimately Switzerland warranted the late goal.
Serbia robbed by VAR
Before Switzerland’s clincher, Serbia will feel they should have been given a spot kick.
Mitrovic was tugged down inside the box by two defenders, and with the video technology there is no room for such blatant errors anymore.
There is no denying VAR has cleared up some mistakes referees simply wouldn’t have been able to see without replays.
VAR has had its correct say on handballs, clear fouls and the most recent use saw Neymar penalised for simulation when he thought he had won a penalty.
In that respect, it has been a success, but when the likes of Harry Kane and Mitrovic are being hauled to the floor, how can four assistants not pick up on it?
That proved a turning point, and from there Serbia couldn’t regain their momentum.
Next: Who are the minnows that kick off this year's Champions League?
It is still a work in progress, however VAR needs to spot the constant pulling in the area, making decisions with consistency.