Its goals as formulated in 1939 are: “To gather under our flag students from the University of Latvia, to raise in tradition and garner national and cultural unity as good citizens and public figures, to consciously hone responsibility within community, honour the mind, togetherness and friendship and tactful social values, to encourage towards knowledge and art, as well as Sporting activities encouraging members' physical development.” To this day the corporation's goals and principles have survived: “To gather University of Latvia and other Higher education students of Latvian origin, to educate them in good faith, in the nobility of spirit, and in the national spirit and later in life to unite in friendship.” In 1926, Fraternitas Lataviensis was founded by 28 university students in Riga (including several abstainers).

Since the restoration of Latvia's independence and due to shrinking diaspora populations, Fraternitas Lataviensis' global chapters have started to suspend activities.

When Latvia regained independence in 1991, Latvian university students and Fraternitas Lataviensis members were keen on renewing operations.

With assistance from the Global Presidium, Fraternitas Lataviensis was able to purchase property in Old Riga (the former central quarters of Concordia Rigensis) and quickly restart operations.

Originally, the colours of the corporation Fraternitas Lataviensis used in regalia (color distinguishing signs) were black, blue and gold.

According to the flag song "Friends, brothers, give your hands": black represents certainty; white, the truth; gold, honesty and man's virtue.

The elected alderman is in charge of educating the younger members of the organization (“the boys”) into the ways of the fraternity, by teaching them the rules and passing on traditions.

On 20 November 1928, Fraternitas Lataviensis was formally accepted as a member of the Latvian student fraternity umbrella organization the Presidium Convent (PC).

After World War II, in 1948 or 1949 Fraternitas Lataviensis participated in the Latvian Fraternity Association, which was taking over the PC and UPS responsibilities during the exile.

Fraternitas Lataviensis organizes visiting evenings, in which, students have an opportunity to attend the Corporation event as a visitor.

Within Fraternitas Lataviensis, there have been several significant national and public figures including politicians, diplomats, leaders, and jurors.

Members who have contributed significantly to the fraternity’s growth include: Roberts Bērziņš, Tālivaldis Bērziņš, Mārtiņš Gode, Alfons Kalns, Alberts Kaļinka, Ādolfs Kraulis, Augusts Meldrājs, Jānis Ozols, Ādolfs Silde, Elmārs Tauriņš, and Eriks Vonda.