diff --git a/lib/Serializer.js b/lib/Serializer.js
index 594874984..6c885ad82 100644
--- a/lib/Serializer.js
+++ b/lib/Serializer.js
@@ -6,6 +6,7 @@ const SError   = require('./Error'),
   glob         = require('glob'),
   async        = require('async'),
   path         = require('path'),
+  yaml         = require('js-yaml'),
   _            = require('lodash');
 
 // TODO: Add Variables de/serialization methods
@@ -44,15 +45,22 @@ module.exports = function(S) {
         // Load Templates
         .then(function () {
 
-          let templatesFilePath = project.getRootPath('s-templates.json');
+          return BbPromise.mapSeries([ 's-templates.json', 's-templates.yaml' ], (filename) => {
+            // Load Templates
+            let templatesFilePath = project.getRootPath(filename);
 
-          if (S.utils.fileExistsSync(templatesFilePath)) {
-            let templates = new S.classes.Templates({}, templatesFilePath);
-            return templates.load()
-              .then(function (instance) {
-                project.setTemplates(instance);
-              });
-          }
+            if (S.utils.fileExistsSync(templatesFilePath)) {
+              let template = new S.classes.Templates({}, templatesFilePath);
+              return template.load();
+            }
+            return null;
+          })
+          .filter((template) => { return template != null })
+          .then(function (templates) {
+            if (templates.length > 0) {
+              project.setTemplates(templates[0]);
+            }
+          });
         })
         .then(function () {
           S.utils.sDebug(`deserializeProject: Load functions`);
@@ -212,16 +220,22 @@ module.exports = function(S) {
         })
         .then(function () {
 
-          // Load Templates
-          let templatesFilePath = func.getRootPath('s-templates.json');
+          return BbPromise.mapSeries([ 's-templates.json', 's-templates.yaml' ], (filename) => {
+            // Load Templates
+            let templatesFilePath = func.getRootPath(filename);
 
-          if (S.utils.fileExistsSync(templatesFilePath)) {
-            let template = new S.classes.Templates({}, templatesFilePath);
-            return template.load()
-              .then(function (template) {
-                func.setTemplate(template);
-              });
-          }
+            if (S.utils.fileExistsSync(templatesFilePath)) {
+              let template = new S.classes.Templates({}, templatesFilePath);
+              return template.load();
+            }
+            return null;
+          })
+          .filter(template => { return template != null })
+          .then(function (templates) {
+            if (templates.length > 0) {
+              func.setTemplate(templates[0]);
+            }
+          });
         })
         .then(function () {
           return func;
@@ -427,7 +441,12 @@ module.exports = function(S) {
           if (!S.hasProject()) throw new SError('Templates could not be loaded because no project path has been set on Serverless instance');
 
           // Set Data
-          templates.fromObject(S.utils.readFileSync(templates.getFilePath()));
+          let filePath = templates.getFilePath();
+          if (_.endsWith(filePath, '.yaml')) {
+            templates.fromObject(yaml.safeLoad(S.utils.readFileSync(filePath)));
+          } else {
+            templates.fromObject(S.utils.readFileSync(filePath));
+          }
         })
         .then(function () {
 
@@ -445,13 +464,18 @@ module.exports = function(S) {
           while (notRoot) {
             parentDir = path.dirname(parentDir);
             notRoot = !S.utils.fileExistsSync(path.join(parentDir, 's-project.json'));
-            if (notRoot && S.utils.fileExistsSync(path.join(parentDir, 's-templates.json'))) {
-              parents.push(new S.classes.Templates(
-                S.utils.readFileSync(path.join(parentDir, 's-templates.json')),
-                path.join(parentDir, 's-templates.json')))
+            if (notRoot) {
+              if (S.utils.fileExistsSync(path.join(parentDir, 's-templates.json'))) {
+                parents.push(new S.classes.Templates(
+                    S.utils.readFileSync(path.join(parentDir, 's-templates.json')),
+                    path.join(parentDir, 's-templates.json')))
+              } else if (S.utils.fileExistsSync(path.join(parentDir, 's-templates.yaml'))) {
+                parents.push(new S.classes.Templates(
+                    yaml.safeLoad(S.utils.readFileSync(path.join(parentDir, 's-templates.yaml'))),
+                    path.join(parentDir, 's-templates.yaml')))
+              }
             }
           }
-
           templates.setParents(parents);
         })
         .then(function () {
@@ -475,14 +499,17 @@ module.exports = function(S) {
 
           // Validate: Check project path is set
           if (!S.hasProject()) throw new SError('Templates could not be saved because no project path has been set on Serverless instance');
-          let tempaltesObj = templates.toObject()
+          let templatesObj = templates.toObject()
 
-          if (_.isEmpty(tempaltesObj)) {
+          if (_.isEmpty(templatesObj)) {
             if (S.utils.fileExistsSync(templates.getFilePath())) {
               return fs.unlinkAsync(templates.getFilePath());
             }
           } else {
-            return S.utils.writeFile(templates.getFilePath(), tempaltesObj);
+            if (_.endsWith(templates.getFilePath(), '.yaml')) {
+              return S.utils.writeFile(templates.getFilePath(), yaml.safeDump(templatesObj));
+            }
+            return S.utils.writeFile(templates.getFilePath(), templatesObj);
           }
 
         })
diff --git a/package.json b/package.json
index 32c9a5ac4..7d596b5af 100644
--- a/package.json
+++ b/package.json
@@ -53,6 +53,7 @@
     "fs-extra": "^0.26.4",
     "glob": "^7.0.0",
     "https-proxy-agent": "^1.0.0",
+    "js-yaml": "^3.5.5",
     "json-diff": "^0.3.1",
     "keypress": "^0.2.1",
     "lodash": "^4.2.1",