At the beginning of May, a temporary board was selected at a meeting to prepare a "Socialist Congress" in the autumn of 2017.

[10] Prior to the Congress the party selected four committees among its members by sortition, responsible for healthcare, housing, social welfare, and democratization of society.

[13] In the 2024 parliamentary election, the leading candidate of the Socialist Party is Sanna Magdalena Mörtudóttir.

[14][15] The architect behind the party is the editor and author Gunnar Smári, who at the launching of the party declared that it should be "an advocate for wage earners and all those who are poor, invisible and powerless.

The opponents of the Socialist Party are the rich and those who serve their interests".