There are multiple consumer-related factors that influence the effectiveness of green marketing, some of which are consumers’ pro-environmental values, attitudes and behaviour. The objective of this research was to determine whether consumers’ environmental awareness can influence the effectiveness of green advertising, and whether this relationship is moderated by demographic characteristics of consumers. An online survey was used to conduct a survey on a sample of 270 consumers in Serbia. The findings indicate that variables related to consumers’ environmental awareness (Pro-environmental concern, Perceived consumer effectiveness, Perception of personal gains, Tendency to conscious consumption and Responsible waste disposal) positively influence variables indicating effectiveness of green marketing (Consumer receptiveness to green advertising, Consumer skepticism towards green advertising and Perceived credibility of eco-labels). The relationship between these two groups of variables was moderated by consumers’ education level and monthly income. These findings contribute to the enlarging literature in this field, and represent a valuable basis for the development of effective green marketing and communication strategies in business practice.