Its members opposed Hungary's participation in World War II, giving anti-fascist speeches in Parliament and leading rallies as late as 1943.

During the German occupation of Hungary, its members took part in the clandestine anti-fascist resistance movement, and played a major role in the provisional government established in the Soviet-occupied zone of the country.

Meanwhile, the Communists had formed a "Left Bloc" with the Social Democrats and National Peasants, opposed to the majority Smallholders on every issue with the intent of creating deadlock and facilitating the latter's breakup.

From December 1946, the Communists exaggerated a minor intrigue involving several anti-Communist politicians to accuse vast swaths of the Smallholders' Party of complicity in a reactionary plot.

[11] Acting in tandem with this, Soviet troops kidnapped the party's General Secretary Béla Kovács on 25 February 1947 and deported him to the USSR, where he would be imprisoned for over eight years.

Another Smallholder, the openly pro-Communist István Dobi, became premier in December 1948, and pushed out the remaining elements of the party who were not willing to stop their obstruction.

[citation needed] During the Hungarian Revolution of 1956 the Smallholders' Party was revived under the leadership of Zoltan Tildy and Béla Kovács, who had returned from Soviet exile earlier that year.

After the end of Communism in Hungary, the Smallholders' Party was revived again and took part in the center-right governments of József Antall, Péter Boross, and Viktor Orbán.

In early 2019, Our Homeland Movement (Mi Hazánk Mozgalom) made an alliance with the far-right Hungarian Justice and Life Party (MIÉP) and FKgP.