It is named after former Prime Minister S. W. R. D. Bandaranaike (1899–1959) and is in the suburb of Negombo, 32.5 kilometres (20+1⁄4 miles) north of the nation's capital and commercial center, Colombo.

In 1964 Anil Moonesinghe, the Minister of Communications, started the building of a new international airport to replace Ratmalana, with Canadian aid.

The airport was completed in 1967, and Air Ceylon, the national carrier, began international operations from it using a Hawker Siddeley Trident and a Vickers VC-10 leased from British Overseas Airways Corporation (BOAC).

Sri Lankan Airlines also operates its own Serendib Lounge, which passengers traveling in business class can access for free.

Phase II of the airport expansion project aims to build a five-storey car park to accommodate increasing passenger traffic.

Future projects include a second runway to support the Airbus A380, a further eight passenger gates, a domestic terminal, a five-storey car-park, and a five-star hotel neighbouring the airport.

There would also be a remote apron and an additional nine parking stands to ease air traffic movement.

There would be a tax-free apparel shopping mall at the Katunayake BOI Zone to attract more business visitors to Sri Lanka.

The second stage will involve the acquisition of 600 ha (1,500 acres) of public land, the construction of a runway capable of accommodating new-generation airplanes, an aircraft repair and maintenance center, an arrival and a departure terminal, a shopping arcade, a cargo complex connected to the airport by rail and a multi-storey car park.

A two-tier passenger terminal with arrivals and departures physically separated as found in most modern airports will also be constructed.

However, due to current delays, there is a possibility of extended timelines, potentially leading to completion by late 2026 to 2027.

Shown below is a summary of Phase II, and early 2027) From 2012 to 2023, there was a general trend of gradual increase in passenger traffic at CMB Airport.

Beginning in 2012 with 46,616 scheduled and 2,118 non-scheduled flights, the numbers consistently increased until 2019, with fluctuations during the subsequent years due to the Easter bombings, COVID-19, and the prevailing economic situation in the country.

The routes between Colombo (CMB) and Dubai (DXB), Male (MLE), and Chennai (MAA) are the busiest, with an average of 53 flights operating between these destinations per week.

Currently, Cinnamon Air operates several flights per week to domestic destinations, with the most popular being Batticoloa, Trincomalee, Sigiriya, and Hambanthota.

Coach services are sometimes operated using Mitsubishi Fusa Rosa buses which can carry around 20 people.

The airport taxi service operates a counter in the arrival lobby with a fleet of over 600 vehicles.

These platforms offer a reliable means of travel, allowing passengers to easily reach their destinations at an affordable price.

Passengers can access commuter rail from Katunayake Railway Station and continue their journey up to Colombo Fort.

From there, various intercity trains are available to Badulla, Batticaloa, Galle, Jaffna, Kandy, Matara, and Trincomalee.

In terms of price comparison, rail is the cheapest option but often the slowest form of transportation out of the airport.

Cinnamon Air operates scheduled seaplane flights from Seeduwa Dadugam Oya near the airport using Cessna 208 aircraft.

Currently it is the largest SLAF station in the country and several flying squadrons as well as ground units are based there.

[61] In March 2001, on the 50th anniversary of the Sri Lanka Air Force, the airfield was presented with the President's Colours.

The base provides accommodation to several hundred families of Air Force personnel through its married quarters complex.