The party was first established in 1962 by Faroese students in Denmark under the name Oyggjaframi (lit.
In 1972, the Tórshavn chapter of the party broke away to form Oyggjaframi (M-L).
FS fought for the creation of a Faroese socialist republic and actively struggled against NATO.
At the World Federation of Democratic Youth General Assembly in Varna, Bulgaria in 1974 FS was accepted as a member.
FS published the monthly magazine Framin, which carried the subtitle Føroyskt tíðarrit fyri sosialismu og sjálvstýri (English: Faroese magazine for socialism and independence) between 1962 and 1984 and Roðin between 1971 and 1982.