The move follows a standoff within the government over Kosovo and Serbia's ties with the European Union. President Boris Tadic earlier said he would agree to a request to dissolve parliament, and that early elections would be held on May 11.
The Cabinet collapsed on Saturday, when nationalist Prime Minister Vojislav Kostunica said he refused to govern alongside the Democratic Party, led by Tadic, over the party's insistence on pursuing membership in the European Union despite several EU states' recognition of Kosovo's independence.
The majority Albanian province declared its independence from Serbia on February 17, despite opposition from Belgrade. Since then, 18 of the 27 EU states have recognized the Republic of Kosovo.
Russia, China, Spain, Cyprus and several other countries have refused to recognize the province's independence.