UEFA have opened disciplinary proceedings against both the English and Serbian Football Associations.
The move comes following Tuesday night's Under-21 playoff second leg between the two sides in Krusevac, which saw a number of incidents take place during and after the match.
"Regarding alleged racist chanting, UEFA will instigate proceedings against the [Serbian FA] over the misconduct of their supporters during and at the end of the match," read a UEFA statement.
"Proceedings will also be instigated against the [Serbian FA] for the improper conduct of the Serbia players at the end of the game.
"UEFA will also commence proceedings against the FA for the improper conduct of the England players at the end of the match."
The English FA had reported the Serbian team to UEFA after the match on Tuesday for what they described as the "disgraceful events".
However, their Serbian counterparts hit back by denying that there were instances of racism.