LPU is officially accepted into the ranks of LI in the status of observer member on November 23, 1997 at 48th Congress of Liberal International held in Oxford (Great Britain).

At that time The Verkhovna Rada of Ukraine was forming the liberal parliamentary fraction "Socio-market choice".

The Congress elected Volodymyr Shcherban as the Head of Liberal Party of Ukraine.

In 2002 it took stand in parliamentary and local elections as a member of electoral bloc of Viktor Yushchenko "Our Ukraine".

In 2006 The Liberal Party of Ukraine took stand in the parliamentary elections independently and failed to overcome the electoral threshold.

LPU refused to participate in early parliamentary elections in 2007 because of reasonably disbelief in the honesty and transparency of their implementation.

In 2010 the Liberal Party nominated its candidate for President of Ukraine, the first head of LPU I.Markulov, which, however, was not registered by the CEC for technical reasons.

[9] One of the candidates the party put forward is, former head of the Presidential Administration of Ukraine during the presidency of Viktor Yanukovych, Andriy Klyuyev.