Violence against members of minorities is becoming an increasing problem in Serbia, the news agency dpa quoted HRW director for Europe and Central Asia Holly Cartner as saying.
She warned that the country would not be able to count on integration with the European Union if it did not start dealing with the attacks more seriously.
In its 52-page report on the status of minorities, the HRW provides evidence for a number of crimes committed against minorities in 2003, including physical assaults, attacks on religious and cultural buildings, and the desecration of graves.
The Hungarian minority in the Serbian province of Vojvodina has been the most frequent target of the attacks, but members of the Slovak, Croat and Muslim minorities have been targeted as well, reads the report.
The HRW said members of local minorities complained about the police responding too late to the attacks or in some cases allowing the attackers to escape or openly supporting them.
The absence of legislation on crimes committed out of ethnic intolerance or hatred and light sentences for such crimes send a clear message that the Serbian government is not taking violence against national minorities seriously.
The HRW released the report ahead of EU Enlargement Commissioner Olli Rehn's visit to Belgrade, where talks on a Stabilisation and Association Agreement, an important step towards possible EU membership, are expected to start on Monday.
Although the timing of the report is unfavourable for Serbia, since minority protection is one of the EU's priority requirements, the European Union does not see the situation in Serbia as critically as the EU.
An EU mission sent to Vojvodina in January to assess the situation concluded that attacks against the Hungarian minority were isolated incidents rather than part of a campaign to persecute national minorities.
The Hungarian government shares the HRW's position and it has called on Serbia to take appropriate action to protect members of the Hungarian minority.
During a visit to Budapest in early October Serbian President Boris Tadic said Serbia would do its best to put an end to such attacks, but he also added that the problem should not be exaggerated.