In Serbia, waste electrical and electronic equipment (WEEE or e-waste) is classified as hazardous waste, mandated to be collected separately from other waste streams. Despite several laws and regulations governing e-waste management, the rate of properly collected and recycled equipment remains low. One of the issues stems from the inadequate implementation of the Extended Producer Responsibility (EPR) system, which has been one of the fundamental principles of the European WEEE Directive. This study presents a comprehensive analysis of eleven attributes of different EPR approaches, crucial for effective and efficient WEEE management, highlighting their strengths and weaknesses. To enable a comparative analysis of these attributes and the ranking of alternatives, the multi-criteria Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) was employed. The findings from this analysis suggest that a compliance system based on a competitive approach is the most cost-effective model for implementing producer responsibility. However, the application of the TOPSIS method reveals that the cooperative approach currently in operation is more suitable for the specific contextual conditions of Serbia, demonstrating higher efficiency in logistics and waste collection. The key findings of this analysis have been synthesized into a set of recommendations, which, along with the implemented methodology, enhance the theoretical framework and offer valuable insights to policymakers and experts in the field.