diff --git a/Makefile b/Makefile
index cfac5dcb0..c37a479e8 100644
--- a/Makefile
+++ b/Makefile
@@ -12,144 +12,49 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-TARGET ?= jerry
-CROSS_COMPILE	?= arm-none-eabi-
-OBJ_DIR = ./obj
-OUT_DIR = ./out
+#
+# Target naming scheme
+#
+#   Main targets: {dev,debug,release,debug_release}.{linux,stm32f{4}}[.{check,flash}]
+#
+#    Target mode part (before dot):
+#       dev:           - JERRY_NDEBUG; - optimizations; + debug symbols; - -Werror  | local development build
+#       debug:         - JERRY_NDEBUG; - optimizations; + debug symbols; + -Werror  | debug build
+#       debug_release: - JERRY_NDEBUG; + optimizations; + debug symbols; + -Werror  | checked release build
+#       release:       + JERRY_NDEBUG; + optimizations; - debug symbols; + -Werror  | release build
+#
+#    Target system part (after first dot):
+#       linux - target system is linux
+#       stm32f{4} - target is STM32F{4} board 
+#
+#    Target action part (optional, after second dot):
+#       check - run cppcheck on src folder, unit and other tests
+#       flash - flash specified mcu target binary
+#
+#
+#   Unit test target: unittests
+#
 
-MAIN_MODULE_SRC = ./src/main.c
-UNITTESTS_SRC_DIR = ./tests/unit
+export TARGET_MODES = dev debug debug_release release
+export TARGET_PC_SYSTEMS = linux
+export TARGET_MCU_SYSTEMS = $(addprefix stm32f,4) # now only stm32f4 is supported, to add, for example, to stm32f3, change to $(addprefix stm32f,3 4)
+export TARGET_SYSTEMS = $(TARGET_PC_SYSTEMS) $(TARGET_MCU_SYSTEMS)
 
-LNK_SCRIPT_STM32F4 = ./third-party/stm32f4.ld
-SUP_STM32F4 = ./third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/CMSIS/ST/STM32F4xx/Source/Templates/gcc_ride7/startup_stm32f4xx.s
+# Target list
+export JERRY_TARGETS = $(foreach __MODE,$(TARGET_MODES),$(foreach __SYSTEM,$(TARGET_SYSTEMS),$(__MODE).$(__SYSTEM)))
+export TESTS_TARGET = unittests
+export CHECK_TARGETS = $(foreach __TARGET,$(JERRY_TARGETS),$(__TARGET).check)
+export FLASH_TARGETS = $(foreach __TARGET,$(JERRY_TARGETS),$(__TARGET).flash)
 
+export OBJ_DIR = ./obj
+export OUT_DIR = ./out
+export UNITTESTS_SRC_DIR = ./tests/unit
 
-# FIXME:
-#  Place jerry-libc.c, pretty-printer.c to some subdirectory (libruntime?)
-#  and add them to the SOURCES list through wildcard.
-# FIXME:
-#  Add common-io.c and sensors.c
-SOURCES = \
-	$(sort \
-	$(wildcard ./src/libruntime/*.c) \
-	$(wildcard ./src/libperipherals/actuators.c) \
-	$(wildcard ./src/libjsparser/*.c) \
-	$(wildcard ./src/libecmaobjects/*.c) \
-	$(wildcard ./src/libecmaoperations/*.c) \
-	$(wildcard ./src/liballocator/*.c) \
-	$(wildcard ./src/libcoreint/*.c) )
+all: clean $(JERRY_TARGETS) $(TESTS_TARGET) $(CHECK_TARGETS)
 
-SOURCES_STM32F4 = \
-	third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/CMSIS/ST/STM32F4xx/Source/Templates/system_stm32f4xx.c \
-        $(wildcard src/libruntime/target/stm32f4/*)
-
-SOURCES_LINUX = \
-        $(wildcard src/libruntime/target/linux/*)
-
-HEADERS = \
-	$(sort \
-	$(wildcard ./src/*.h) \
-	$(wildcard ./src/libruntime/*.h) \
-	$(wildcard ./src/libperipherals/*.h) \
-	$(wildcard ./src/libjsparser/*.h) \
-	$(wildcard ./src/libecmaobjects/*.h) \
-	$(wildcard ./src/libecmaoperations/*.h) \
-	$(wildcard ./src/liballocator/*.h) \
-	$(wildcard ./src/libcoreint/*.h) )
-
-INCLUDES = \
-	-I src \
-	-I src/libruntime \
-	-I src/libperipherals \
-	-I src/libjsparser \
-	-I src/libecmaobjects \
-	-I src/libecmaoperations \
-	-I src/liballocator \
-	-I src/libcoreint
-
-INCLUDES_STM32F4 = \
-	-I third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/CMSIS/ST/STM32F4xx/Include \
-	-I third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/STM32F4xx_StdPeriph_Driver/inc \
-	-I third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/CMSIS/Include
-
-UNITTESTS = \
-	$(sort \
-	$(patsubst %.c,%,$(notdir \
-	$(wildcard $(UNITTESTS_SRC_DIR)/*))))
-
-OBJS = \
-	$(sort \
-	$(patsubst %.c,./%.o,$(notdir $(MAIN_MODULE_SRC) $(SOURCES))))
-
-CC  = gcc
-LD  = ld
-OBJDUMP	= objdump
-OBJCOPY	= objcopy
-SIZE	= size
-STRIP	= strip
-
-# General flags
-CFLAGS ?= $(INCLUDES) -std=c99 -Werror #-fdiagnostics-color=always
-CFLAGS += -Wall -Wextra -Wpedantic -Wlogical-op -Winline
-CFLAGS += -Wformat-nonliteral -Winit-self -Wstack-protector
-CFLAGS += -Wconversion -Wsign-conversion -Wformat-security
-CFLAGS += -Wstrict-prototypes -Wmissing-prototypes
-
-# Flags for MCU
-MCU_CFLAGS += -mlittle-endian -mcpu=cortex-m4  -march=armv7e-m -mthumb
-MCU_CFLAGS += -mfpu=fpv4-sp-d16 -mfloat-abi=hard
-MCU_CFLAGS += -ffunction-sections -fdata-sections -nostdlib -fno-common 
-
-LDFLAGS = -nostartfiles -T$(LNK_SCRIPT_STM32F4)
-
-DEBUG_OPTIONS = -g3 -O0 # -fsanitize=address
-RELEASE_OPTIONS = -Os -flto -DJERRY_NDEBUG
-
-DEFINES = -DMEM_HEAP_CHUNK_SIZE=256 -DMEM_HEAP_AREA_SIZE=32768 -DMEM_STATS
-TARGET_HOST = -D__HOST
-TARGET_MCU = -D__TARGET_MCU
-
-#-I third-party/STM32F4-Discovery_FW_V1.1.0/Project/Demonstration \
-
-.PHONY: all debug debug.stdm32f4 release clean tests check install
-
-all: clean debug release check
-
-debug.stdm32f4: clean debug.stdm32f4.bin
-
-debug.stdm32f4.o:
-	mkdir -p $(OUT_DIR)/debug.stdm32f4/
-	$(CROSS_COMPILE)$(CC) \
-	$(SUP_STM32F4) $(SOURCES_STM32F4) $(INCLUDES_STM32F4) \
-	$(CFLAGS) $(MCU_CFLAGS) $(DEBUG_OPTIONS) \
-	$(DEFINES) $(TARGET_MCU) $(MAIN_MODULE_SRC) -c
-
-debug.stdm32f4.elf: debug.stdm32f4.o
-	$(CROSS_COMPILE)$(LD) $(LDFLAGS) -o $(TARGET).elf *.o
-	rm -f *.o
- 
-debug.stdm32f4.bin: debug.stdm32f4.elf
-	$(CROSS_COMPILE)$(OBJCOPY) -Obinary $(TARGET).elf $(TARGET).bin
-	rm -f *.elf
-
-debug: clean
-	mkdir -p $(OUT_DIR)/debug.host/
-	$(CC) $(CFLAGS) $(DEBUG_OPTIONS) $(DEFINES) $(TARGET_HOST) \
-	$(SOURCES) $(SOURCES_LINUX) $(MAIN_MODULE_SRC) -o $(OUT_DIR)/debug.host/$(TARGET)
-
-release: clean
-	mkdir -p $(OUT_DIR)/release.host/
-	$(CC) $(CFLAGS) $(RELEASE_OPTIONS) $(DEFINES) $(TARGET_HOST) \
-	$(SOURCES) $(SOURCES_LINUX) $(MAIN_MODULE_SRC) -o $(OUT_DIR)/release.host/$(TARGET)
-	$(STRIP) $(OUT_DIR)/release.host/$(TARGET)
-
-tests:
-	mkdir -p $(OUT_DIR)/tests.host/
-	for unit_test in $(UNITTESTS); \
-	do \
-		$(CC) -O3 $(CFLAGS) $(DEBUG_OPTIONS) $(DEFINES) $(TARGET_HOST) \
-		$(SOURCES) $(SOURCES_LINUX) $(UNITTESTS_SRC_DIR)/"$$unit_test".c -o $(OUT_DIR)/tests.host/"$$unit_test"; \
-	done
+$(JERRY_TARGETS) $(TESTS_TARGET) $(FLASH_TARGETS) $(CHECK_TARGETS):
+	@echo $@
+	@make -f Makefile.mak TARGET=$@ $@
 
 clean:
 	rm -f $(OBJ_DIR)/*.o *.bin *.o *~ *.log *.log
@@ -161,31 +66,3 @@ clean:
 	rm -f $(TARGET).hex
 	rm -f $(TARGET).lst
 	rm -f js.files
-
-check: tests
-	@ mkdir -p $(OUT_DIR)
-	@ cd $(OUT_DIR)
-
-	@ echo "=== Running cppcheck ==="
-	@ cppcheck $(HEADERS) $(SOURCES) --error-exitcode=1 --enable=all --std=c99
-	@ echo Done
-	@ echo
-	
-	@ echo "=== Running unit tests ==="
-	@ ./tools/jerry_unittest.sh $(OUT_DIR)/tests.host $(UNITTESTS)
-	@ echo Done
-	@ echo
-	
-	@ echo "=== Running js tests ==="
-	@ if [ -f $(OUT_DIR)/release.host/$(TARGET) ]; then \
-		./tools/jerry_test.sh $(OUT_DIR)/release.host/$(TARGET);\
-	fi
-	
-	@ if [ -f $(OUT_DIR)/debug.host/$(TARGET) ]; then \
-		./tools/jerry_test.sh $(OUT_DIR)/debug.host/$(TARGET); \
-	fi
-	@echo Done
-	@echo
-
-install:
-	st-flash write $(TARGET).bin 0x08000000
diff --git a/Makefile.mak b/Makefile.mak
new file mode 100644
index 000000000..efbc9e696
--- /dev/null
+++ b/Makefile.mak
@@ -0,0 +1,275 @@
+ifeq ($(TARGET),)
+  $(error TARGET not set)
+endif
+
+ENGINE_NAME ?= jerry
+
+CROSS_COMPILE ?= arm-none-eabi-
+CC  = gcc
+LD  = ld
+OBJDUMP = objdump
+OBJCOPY = objcopy
+SIZE = size
+STRIP = strip
+
+MAIN_MODULE_SRC = ./src/main.c
+
+LNK_SCRIPT_STM32F4 = ./third-party/stm32f4.ld
+
+# Parsing target
+#   '.' -> ' '
+TARGET_SPACED = $(subst ., ,$(TARGET))
+#   extract target mode part
+TARGET_MODE   = $(word 1,$(TARGET_SPACED))
+#   extract target system part
+TARGET_SYSTEM = $(word 2,$(TARGET_SPACED))
+#   extract optional action part
+TARGET_ACTION = $(word 3,$(TARGET_SPACED))
+
+# target folder name in $(OUT_DIR)
+TARGET_DIR=$(OUT_DIR)/$(TARGET_MODE).$(TARGET_SYSTEM)
+
+# unittests mode -> linux system
+ifeq ($(TARGET_MODE),$(TESTS_TARGET))
+ TARGET_SYSTEM = linux
+endif
+
+#
+# Options setup
+#
+
+# JERRY_NDEBUG, debug symbols
+ifeq ($(TARGET_MODE),release)
+ OPTION_NDEBUG = enable
+ OPTION_DEBUG_SYMS = disable
+ OPTION_STRIP = enable
+else
+ OPTION_NDEBUG = disable
+ OPTION_DEBUG_SYMS = enable
+ OPTION_STRIP = disable
+endif
+
+# Optimizations
+ifeq ($(filter-out debug_release release $(TESTS_TARGET),$(TARGET_MODE)),)
+ OPTION_OPTIMIZE = enable
+else
+ OPTION_OPTIMIZE = disable
+endif
+
+# -Werror
+ifeq ($(TARGET_MODE),dev)
+ OPTION_WERROR = disable
+else
+ OPTION_WERROR = enable
+endif
+
+# Is MCU target?
+ifeq ($(filter-out $(TARGET_MCU_SYSTEMS),$(TARGET_SYSTEM)),)
+	OPTION_MCU = enable
+else
+	OPTION_MCU = disable
+endif
+
+#
+# Target CPU
+#
+TARGET_CPU = $(strip $(if $(filter linux,$(TARGET_SYSTEM)), x64, \
+                     $(if $(filter stm32f3,$(TARGET_SYSTEM)), cortexm4, \
+                     $(if $(filter stm32f4,$(TARGET_SYSTEM)), cortexm4, \
+                     $(error Do not know target CPU for target system '$(TARGET_SYSTEM)')))))
+
+#
+# Flag blocks
+#
+
+# Warnings
+CFLAGS_WARNINGS ?= -Wall -Wextra -Wpedantic -Wlogical-op -Winline \
+                   -Wformat-nonliteral -Winit-self -Wstack-protector \
+                   -Wconversion -Wsign-conversion -Wformat-security \
+                   -Wstrict-prototypes -Wmissing-prototypes
+CFLAGS_WERROR ?= -Werror
+
+# Optimizations
+CFLAGS_OPTIMIZE ?= -Os -flto
+CFLAGS_NO_OPTIMIZE ?= -O0
+LDFLAGS_OPTIMIZE ?= -flto
+LDFLAGS_NO_OPTIMIZE ?= -O0
+
+# Debug symbols
+CFLAGS_DEBUG_SYMS ?= -g3
+
+# Cortex-M4 MCU
+CFLAGS_CORTEXM4 ?= -mlittle-endian -mcpu=cortex-m4 -march=armv7e-m -mthumb \
+		   -mfpu=fpv4-sp-d16 -mfloat-abi=hard 
+
+
+#
+# Common
+#
+
+CFLAGS_COMMON ?= $(INCLUDES) -std=c99 # -fsanitize=address -fdiagnostics-color=always 
+CFLAGS_COMMON += -DMEM_HEAP_CHUNK_SIZE=256 -DMEM_HEAP_AREA_SIZE=32768 -DMEM_STATS
+
+LDFLAGS ?= 
+
+ifeq ($(OPTION_OPTIMIZE),enable)
+ CFLAGS_COMMON += $(CFLAGS_OPTIMIZE)
+ LDFLAGS += $(LDFLAGS_OPTIMIZE)
+else
+ CFLAGS_COMMON += $(CFLAGS_NO_OPTIMIZE)
+ LDFLAGS += $(LDFLAGS_NO_OPTIMIZE)
+endif
+
+ifeq ($(OPTION_DEBUG_SYMS),enable)
+ CFLAGS_COMMON += $(CFLAGS_DEBUG_SYMS)
+endif
+
+# CPU-specific common
+ifeq ($(TARGET_CPU),cortexm4)
+ CFLAGS_COMMON += $(CFLAGS_CORTEXM4)
+endif
+
+# System-specific common
+ifeq ($(TARGET_SYSTEM),stm32f4)
+ LDFLAGS += -nostartfiles -T$(LNK_SCRIPT_STM32F4)
+endif
+
+ifeq ($(OPTION_MCU),enable)
+ CC := $(CROSS_COMPILE)$(CC)
+ LD := $(CROSS_COMPILE)$(LD)
+ OBJDUMP := $(CROSS_COMPILE)$(OBJDUMP)
+ OBJCOPY := $(CROSS_COMPILE)$(OBJCOPY)
+ SIZE := $(CROSS_COMPILE)$(SIZE)
+ STRIP := $(CROSS_COMPILE)$(STRIP)
+endif
+
+#
+# Jerry part sources, headers, includes, cflags, ldflags
+#
+
+CFLAGS_JERRY = $(CFLAGS_COMMON) $(CFLAGS_WARNINGS)
+
+# FIXME:
+#  Add common-io.c and sensors.c
+SOURCES_JERRY = \
+ $(sort \
+ $(wildcard ./src/libruntime/*.c) \
+ $(wildcard ./src/libperipherals/actuators.c) \
+ $(wildcard ./src/libjsparser/*.c) \
+ $(wildcard ./src/libecmaobjects/*.c) \
+ $(wildcard ./src/libecmaoperations/*.c) \
+ $(wildcard ./src/liballocator/*.c) \
+ $(wildcard ./src/libcoreint/*.c) ) \
+ $(wildcard src/libruntime/target/$(TARGET_SYSTEM)/*)
+
+INCLUDES_JERRY = \
+ -I src \
+ -I src/libruntime \
+ -I src/libperipherals \
+ -I src/libjsparser \
+ -I src/libecmaobjects \
+ -I src/libecmaoperations \
+ -I src/liballocator \
+ -I src/libcoreint
+
+ifeq ($(OPTION_NDEBUG),enable)
+ CFLAGS_JERRY += -DJERRY_NDEBUG
+endif
+
+ifeq ($(OPTION_WERROR),enable)
+ CFLAGS_JERRY += $(CFLAGS_WERROR)
+endif
+
+ifeq ($(OPTION_MCU),disable)
+ CFLAGS_JERRY += -D__HOST
+else
+ CFLAGS_COMMON += -ffunction-sections -fdata-sections -nostdlib
+ CFLAGS_JERRY += -D__TARGET_MCU
+endif
+
+#
+# Third-party sources, headers, includes, cflags, ldflags
+#
+
+SOURCES_THIRDPARTY =
+INCLUDES_THIRDPARTY =
+CFLAGS_THIRDPARTY =
+
+ifeq ($(TARGET_SYSTEM),stm32f4)
+ SOURCES_THIRDPARTY += \
+ 	 	./third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/CMSIS/ST/STM32F4xx/Source/Templates/system_stm32f4xx.c \
+		./third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/CMSIS/ST/STM32F4xx/Source/Templates/gcc_ride7/startup_stm32f4xx.s
+
+ INCLUDES_THIRDPARTY += \
+ 	 	-I third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/CMSIS/ST/STM32F4xx/Include \
+ 	 	-I third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/STM32F4xx_StdPeriph_Driver/inc \
+ 	 	-I third-party/STM32F4-Discovery_FW_V1.1.0/Libraries/CMSIS/Include
+
+#-I third-party/STM32F4-Discovery_FW_V1.1.0/Project/Demonstration \
+
+endif
+
+# Unit tests
+
+SOURCES_UNITTESTS = \
+ 	 $(sort \
+ 	 $(patsubst %.c,%,$(notdir \
+ 	 $(wildcard $(UNITTESTS_SRC_DIR)/*))))
+
+.PHONY: all clean check install $(JERRY_TARGETS) $(TESTS_TARGET)
+
+all: clean $(JERRY_TARGETS)
+
+$(JERRY_TARGETS):
+	@rm -rf $(TARGET_DIR)
+	@mkdir -p $(TARGET_DIR)
+	@rm -rf $(OBJ_DIR)
+	@mkdir $(OBJ_DIR)
+	@source_index=0; \
+	for jerry_src in $(SOURCES_JERRY) $(MAIN_MODULE_SRC); do \
+		cmd="$(CC) -c $(CFLAGS_COMMON) $(CFLAGS_JERRY) $(INCLUDES_JERRY) $(INCLUDES_THIRDPARTY) $$jerry_src -o $(OBJ_DIR)/$$(basename $$jerry_src).$$source_index.o"; \
+		$$cmd; \
+		if [ $$? -ne 0 ]; then echo Failed "'$$cmd'"; exit 1; fi; \
+		source_index=$$(($$source_index+1)); \
+	done; \
+	for thirdparty_src in $(SOURCES_THIRDPARTY); do \
+		cmd="$(CC) -c $(CFLAGS_COMMON) $(CFLAGS_THIRDPARTY) $(INCLUDES_THIRDPARTY) $$thirdparty_src -o $(OBJ_DIR)/$$(basename $$thirdparty_src).$$source_index.o"; \
+		$$cmd; \
+		if [ $$? -ne 0 ]; then echo Failed "'$$cmd'"; exit 1; fi; \
+		source_index=$$(($$source_index+1)); \
+	done; \
+	cmd="$(CC) $(CFLAGS_COMMON) $(OBJ_DIR)/* $(LDFLAGS) -o $(TARGET_DIR)/$(ENGINE_NAME)"; \
+	$$cmd; \
+	if [ $$? -ne 0 ]; then echo Failed "'$$cmd'"; exit 1; fi;
+	@if [ "$(OPTION_STRIP)" = "enable" ]; then $(STRIP) $(TARGET_DIR)/$(ENGINE_NAME) || exit $$?; fi;
+	@if [ "$(OPTION_MCU)" = "enable" ]; then $(OBJCOPY) -Obinary $(TARGET_DIR)/$(ENGINE_NAME) $(TARGET_DIR)/$(ENGINE_NAME).bin || exit $$?; fi;
+
+$(TESTS_TARGET):
+	@echo $@ $(TARGET_DIR)
+	@mkdir -p $(TARGET_DIR)
+	@for unit_test in $(SOURCES_UNITTESTS); \
+	do \
+		$(CC) $(CFLAGS_COMMON) $(CFLAGS_JERRY) \
+		$(INCLUDES_JERRY) $(INCLUDES_THIRDPARTY) $(SOURCES_JERRY) $(UNITTESTS_SRC_DIR)/"$$unit_test".c -o $(TARGET_DIR)/"$$unit_test"; \
+	done
+	@ echo "=== Running unit tests ==="
+	@ ./tools/jerry_unittest.sh $(TARGET_DIR)
+	@ echo Done
+	@ echo
+
+$(CHECK_TARGETS):
+	@ echo "=== Running cppcheck ==="
+	@ cppcheck `find src $(UNITTESTS_SRC_DIR) -name *.[ch]` --error-exitcode=1 --enable=all --std=c99
+	@ echo Done
+	@ echo
+	
+	@ echo "=== Running js tests ==="
+	@ if [ -f $(TARGET_DIR)/$(ENGINE_NAME) ]; then \
+		./tools/jerry_test.sh $(TARGET_DIR)/$(ENGINE_NAME);\
+	fi
+	
+	@echo Done
+	@echo
+
+$(FLASH_TARGETS):
+	st-flash write $(OUT_DIR)/$(TARGET)/jerry.bin 0x08000000 || exit $$?
diff --git a/tools/jerry_unittest.sh b/tools/jerry_unittest.sh
index 645aef2ce..cb92943d7 100755
--- a/tools/jerry_unittest.sh
+++ b/tools/jerry_unittest.sh
@@ -15,7 +15,10 @@
 #!/bin/bash
 
 DIR="$1"
-UNITTESTS="${*:2}"
+
+rm -f $DIR/unit_tests_run.log
+
+UNITTESTS=$(ls $DIR)
 
 for unit_test in $UNITTESTS;
 do