[4][5] It was founded in 1994 by Siim Kallas, then-president of the Bank of Estonia, as a split from Pro Patria National Coalition Party.

Kallas was not viewed as being associated with Mart Laar's government and was generally considered a proficient central bank governor, having overseen the successful introduction of the Estonian kroon.

[9] Kallas was appointed as Minister of Foreign Affairs, with five other Reform Party members serving in the cabinet.

[10] Although the coalition was focused on EU and NATO accession, the Reform Party successfully delivered its manifesto pledge to abolish the corporate tax,[10] one of its most notable achievements.

[13] In the 2014 European elections held on 25 May 2014, the Reform Party won 24.3% of the national vote, returning two MEPs.

[14] In the 2015 parliamentary election held on 1 March 2015, the Reform Party received 27.7% of the vote and 30 seats in the Riigikogu.

[19] Pevkur's leadership was divided from the start and he faced increasing criticism till the end of the year.

In January 2021, after the resignation of Jüri Ratas as Prime Minister, Kallas formed a Reform Party-led coalition government with the Estonian Centre Party.

[30] Described as being on the centre,[31][32] centre-right,[33] or right-wing[34] of the political spectrum, the Estonian Reform Party has variously been described in its ideological orientation as liberal,[2][3][35] classical-liberal,[36][37] liberal-conservative,[38][39] and conservative-liberal.

[49] In the European Parliament, the party's MEPS Andrus Ansip and Urmas Paetsits in the ALDE group in the Assembly.

[51] In the European Parliament, the Estonian Reform Party sits in the Renew Europe group with two MEPs.

[52][53] In the European Committee of the Regions, the Estonian Reform Party sits in the Renew Europe CoR group, with two full and one alternate members for the 2020–2025 mandate.