The New Alternatives Party was originally organised by the conservative dissidents of the Party for Democracy and Peace (PDP) on 16 July 2019, as the Alternative Political Alliance of Change and Hope (Korean: 변화와 희망의 대안정치연대).

[2][3] It contains 8 MPs[3] but one of them (Chang Jung-sook) is a PR of Bareunmirae Party who would like to exit.

On 12 January 2020, it held the official formation convention and elected Choi Gyung-hwan as its president.

[3] Nevertheless, its former chairman, Yu Sung-yup, is economically liberal, opposes Keynesian economic policy and minimum wages, and advocates tax reductions.

[6][7] Another member, Lee Yoon-suk, a former MP, opposes same-sex marriage and Islam.