The teams, both yet to win in Slovakia this summer, are also locked in a battle to secure third place in Group B, which would earn them a playoff for next summer's Under-20 World Cup.
Match preview
There will be no time for reflection on a harsh lesson dealt out by an impressive England team in midweek, as Serbia's young guns aim to bounce back from a chastening 4-0 defeat at Narodny Atleticky Stadion.
Aleksandar Jovic's squad return to the modest venue in Banska Bystrica this weekend, requiring three points to potentially catch Israel in second place, should England complete the clean sweep with a third straight win.
The top two teams in Groups A and B progress to the semis, and all four will automatically qualify for the 2023 Under-20 World Cup in Indonesia, while the winner of a playoff between the sides finishing third can also book their flights for next year's global finals.
After failing to beat Israel last Sunday - requiring a stoppage-time equaliser to salvage a 2-2 draw - Serbia have picked up only a single point so far, having impressed in qualification by pipping the Netherlands to a finals place.
Still in with a slim chance of replicating their nation's European Under-19 victory of 2013, the current Serbian crop may have seen a five-match unbeaten streak unceremoniously ended, but they can still progress by prolonging the agony of ailing Austria.
Wednesday's defeat at the hands of Israel leaves the Austrians with no hope of making the next week's semi-finals, and the best they can now hope for is third place in Group B and a subsequent playoff spot.
Martin Scherb's side would take one step towards Indonesia with victory on Saturday, but the evidence of two defeats from two so far suggests such a result may be beyond them.
Unable to handle the attacking threat of England last Sunday - suffering a 2-0 defeat to the Young Lions - Austria were then beaten 4-2 in midweek, as goals from Adis Jasic and star forward Yusuf Demir were rendered irrelevant due to deficient defending.
Though they finished top of their qualifying group, eliminating Spain in the process, the Austrians have now seen a seven-game unbeaten streak abruptly ended by back-to-back defeats, so Scherb will need to work wonders to get his squad primed for Saturday evening.
Austria Under-19s European Under-19s Championship form:
Austria Under-19s form (all competitions):
Serbia Under-19s European Under-19s Championship form:
Serbia Under-19s form (all competitions):
Team News
Despite drawing a blank against England last time out, Serbia should stick with Milan's Marko Lazetic up front in a 4-3-3 formation.
Fellow forward Ognjen Ajdar was the Serbians' leading scorer in qualification, and will hope for a start in that front three after settling for a pair of substitute appearances so far.
Once again, captain Nikola Petkovic will start in a midfield trio for Aleksandar Jovic's side.
Having tried different systems in their first two games, without any success, Austria could make further changes this weekend, with Jakob Knollmuller of Hoffenheim in contention for a first start; Dominik Weixelbraun could make way.
Former Barcelona loanee Yusuf Demir is the key creative force in Martin Scherb's team, and after opening his goalscoring account in the loss to Israel, the 19-year-old forward should start in front of captain Ervin Omic, in an advanced midfield role.
Austria Under-19s possible starting lineup:
Scherf; Querfeld, Wallner, Fallmann; Mischitz, Kanuric, Jasic, Omic, Kanuric; Demir; Knollmuller
Serbia Under-19s possible starting lineup:
Lukic; Lazic, Lekovic, Ilic, Krsmanovic; Miletic, Petkovic, Knezevic; Miladinovic, Lazetic, Ajdar
We say: Austria Under-19s 1-2 Serbia Under-19s
Both sides have already conceded six goals, so either defence will be vulnerable on the counter in a potentially wide-open contest.
Serbia are set to take three points from their final group game, though, against eliminated opponents; putting the pressure on Israel to avoid a heavy defeat against England and cling on to third spot.