As well as a red-carpet welcome, President Aleksandar Vucic gave him a puppy while Mr Putin awarded his counterpart a Russian state honour.
Some 7,000 police have been deployed for the brief visit, and crowds have gathered in Belgrade ahead of a parade.
Mr Vucic said 30,000 people have already turned out to greet Mr Putin.
The parade is set to take place on Thursday evening when the Russian leader visits the Church of St Sava, the biggest Orthodox church in Serbia.
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