A detailed analysis of the accident that occurred at the flotation tailings storage facility (TSF) at the inactive mine “Stolice” in 2014 is provided in this paper. All factors that caused the accident have been analyzed, with a review of the consequences of the accident, their accident class according to the Global Industry Standard on Tailings (GISTM), and the implemented measures to rehabilitate the TSF and the surrounding area after the accident. It has been concluded that the TSF had not been properly maintained even before the accident occurred and that the unfavorable weather conditions in Serbia in the May of that year contributed to the filtration disturbance and multiple tailings spillages from the TSF. It has been stated that the consequences according to the GISTM span from “low” to “significant”, with the group of environmental consequences having the highest rank (3). Although the accident occurred without recorded human casualties, with the damage being of a local nature, it is considered one of the most significant accidents at a TSF in Serbia in the last 20 years. The reconstructed TSF is considered stable now, with a low-to-medium risk of failure.