The Liberal Party was established on 5 October 1990 as the Union of Reform Forces in Macedonia (Сојуз на реформски сили, Sojuz na reformski sili, SRS) under the chairmanship of Stojan Andov.

Although it shared its name with the Union of Reform Forces operating in other parts of Yugoslavia and headed by Prime Minister Ante Marković, it was not directly linked to the party.

However, due to Marković's popularity, the party performed well in the 1990 parliamentary elections, receiving 13.3% of the vote in the first round and 16.1% in the second, winning a total of 11 seats.

[6] Party ran independently in 2016 elections, but received less than four thousand votes (0.33 %), no MPs and gradually diminished.

In October 2021, Ivon Velichkovski founded a new political formation - Movement for a New Republic.