A preliminary round was held in order to reduce the number of teams competing in the next round to 32. It consisted of 4 single-legged ties, with a penalty shoot-out as the decider, if the score was tied after 90 minutes. The bottom 5 teams from the 2013–14 Serbian First League took part, as well as the 4 regional cup winners and a Kosovo and Metohija representative. The draw contained seeded and unseeded teams. The bottom 5 teams from the 2013–14Serbian First League were set as unseeded teams, with the 4 regional cup winners and the Kosovo and Metohija representative being set as seeded teams. The draw was held on 30 August 2014, and was regionalised to minimise expenses for the participating clubs. Because Smederevo withdrew from the cup, the Kosovo and Metohija representative received an automatic bye to the [|First round]. The matches were played on 3 September 2014. In total, around 1250 spectators attended the games.
Round of 32
In this round, five winners from the previous round, Semendria 1924, Moravac Orion, Inđija are joined by all 16 teams from Serbian Superliga from 2013–14, as well as top 11 teams from Serbian First League from 2013–14. The draw was conducted on 10 September 2014 and it contained seeded and unseeded teams. The matches were played on 24 September 2014. No extra time was played if the score was tied after regular 90 minutes, with those games going straight into penalties. In total, around 22500 spectators attended the games.
8 winners from second round took part in this stage of the competition. The draw contained seeded and unseeded teams. Seedings were determined by following key: Last season's cup semifinalists were automatically set as seeded teams, with remaining seeds determined by last season final standings in top two Serbian divisions. Seeded teams: Vojvodina, Jagodina, Spartak Subotica and Partizan. Unseeded teams: Čukarički, Radnički Niš, Voždovac, Rad. The matches were played on 3 December 2014. In total, around 3250 spectators attended the games.
Semi-finals
4 winners from Quarter finals took part in the semi-finals. The draw was held on 5 December 2014. There were no seedings in the draw. Semi-finals were contested over two legs. Aggregate winners qualified for the Cup finals. First legs were played on 18 March 2015, and second legs were played on 8 April 2015. In total, around 5600 spectators attended the games.
First legs
Second legs
Final
2 winners from Semi-finals took part in the single-legged final. The final game was played on 20 May 2015.
