This volume constitutes the refereed proceedings of the First European Conference, ServiceWave 2008, held in Madrid, Spain, in December 2008.The 28 revised full papers presented were carefully reviewed and selected from 102 initial submissions. The papers are organized in topical sections on adaption/monitoring, model driven architecture, network services, service oriented architecture, business process management, deployment/invocation, security, workflow as well as SLA/QoS.