Jaishankar held talks with Foreign Minister of Hungary Peter Szijjarto followed by delegation-level talks in Budapest.
"Happy to be back in Budapest. Good memories, great future," Jaishankar tweeted, recalling his stint as Counsellor (Commercial) at the Indian mission in Budapest from 1990 to 1993.
"Thank FM Peter Szijjarto for a very positive and productive meeting. Look forward to developing ties with Hungary and Visegrad Group. Will work closely on bilateral cooperation and in the multilateral arena," he said on his Twitter handle.
The Visegrad Group is a cultural and political alliance of four Central European states - the Czech Republic, Hungary, Poland and Slovakia, that are members of the European Union (EU) and NATO.
The Ministry of External Affairs spokesperson Raveesh Kumar earlier tweeted that both the leaders had a brief tete-a-tete, followed by delegation level talks where bilateral and multilateral issues were discussed.
Jaishankar, along with Szijjarto, also addressed the Hungarian Annual Ambassadors' Conference.
"Privileged to address the Hungarian Ambassadors' Conference at the invitation of FM Peter Szijjarto. An engaging interaction on the state of the world," he said.
The two leaders also signed a cultural exchange programme between India and Hungary.
"Cultural Exchange Programme between India and Hungary signed by EAM Dr. S. Jaishankar & Foreign Minister of Hungary Mr. Peter Szijjarto," the Indian Embassy in Hungary tweeted.
The embassy said that Jaishankar's visit is a major boost for India-Hungary bilateral relations.
"The visit a major boost to India-Hungary Bilateral relations with a packed monday full of series of talks, agreements, meetings, press conference @MEAIndia @IndiaInHungary @BudapestIcc," the Indian mission tweeted.
He was received by Indian Ambassador to Hungary Kumar Tuhin and senior officials from the Hungarian side on Sunday.
Jaishankar's Hungary tour comes ahead of his August 27-28 visit to Moscow where he will meet his Russian counterpart Sergey Lavrov.
The two leaders will discuss regional and international issues of mutual interest.