Using the models of family farms implementing cattle production, it has been analyzed how economic efficiency and financial feasibility of the cattle production investments is influenced by the size of family farms; the type of production; the way of securing of the land for the forage production, both under the safe and risky circumstances. During the analysis of economic efficiency the dynamical methods of investment evaluation have been used, as well as the appropriate method for risk estimation of investments. Besides, in the study has been analyzed an earlier development of the cattle production in the Republic of Serbia, its present conditions, as well as the prospective developments of the bovine production. Judging by the acquired data, it has been established that the family farms investments with a larger number of cows are more economically efficient and more financially feasible, as well as that these investments have a lower level of risk taking in the uncertain conditions of business undertakings.