[9][10] After Sri Lanka gained its independence, the SLFP represented a form of non-revolutionary socialism and a policy of non-alignment with strong ties to socialist countries.

SLFP founder S. W. R. D. Bandaranaike stated that the basis of the party would be the 'Pancha Maha Balavegaya' (Five Great Forces) which consisted of the native doctors, clergy, teachers, farmers and workers.

[12] This involved a nationalist, democratic and socialist program which saw the SLFP achieve a huge victory at the 1956 elections and is seen by many observers as a social revolution resulting in the eclipse of the Westernized elite.

[14] Working people, a core base of support for the party, also benefited through the setting up of an Employee's Provident Fund and the empowerment of peasants through the Paddy Lands Act.

The healthcare and education systems were also improved for the benefit of the common man with the establishment of ayurvedic research centres, recognition of native physicians as well as the allowing of students to learn in their mother tongue (rather than only English).

[18] Under Sirimavo Bandaranaike's leadership, SLFP governments nationalized key sectors of the economy such as banking and insurance, the Ceylon Transport Board and also all schools then owned by the Roman Catholic Church.

[18] During her term in office, Sirimavo Bandaranaike achieved high international standing, being chosen as chairman of the Non-Aligned Movement in 1976 and receiving plaudits as the SLFP-led government attempted to mediate between India and China during the Sino-Indian war.

Likewise, in 1971 the SLFP-led government was almost toppled by a violent Marxist insurrection led by the Janatha Vimukthi Peramuna, which was eventually put down after it claimed more than a thousand lives.

[20] Towards the end of Sirimavo Bandaranaike's second term as prime minister, her government had become increasingly unpopular amidst the background of a declining economy and charges of corruption and the SLFP was routed in the 1977 election.

This period of opposition was made greatly difficult after President J. R. Jayewardene's government stripped Sirimavo Bandaranaike of her civic rights for 7 years and expelled her from parliament.

In the early 1990s, the existing UNP government had weakened through internal conflicts of its own as well as the descent into two civil wars and fading public support.

New SLFP leaders, most prominently Mahinda Rajapaksa, had launched successful pada yatra, jana gosha and white flag campaigns against the UNP government during this period.

A rift opened up in the party in 2005 over the choice of its candidate at the 2005 presidential election between the President Kumaratunga-backed Anura Bandaranaike and Prime Minister Mahinda Rajapaksa.

[34] In the post-war period, the Rajapaksa administration instituted a large-scale infrastructure and development drive including the construction and renewal of many of Sri Lanka's key roads, mainly using loans from China.

This situation was augmented by the prevailing geopolitical environment, which led some Western nations to criticize the UPFA government regarding accusations of human rights abuses during the civil war.

[44] However, the IMF has said Sri Lanka's national accounts "suffer from insufficient data sources and undeveloped statistical techniques" and opposition legislators have accused Rajapaksa of giving overstated growth estimates.

[45] Eventually, allegations of corruption and nepotism saw Mahinda Rajapaksa lose the presidency to SLFP defector Maithripala Sirisena in 2015, who ran against him with the support of the UNP and other smaller parties.

However, rigorous attempts by President Sirisena and the SLFP to modify the current and largely unpopular electoral system were unsuccessful due to stiff opposition from the UNP and other smaller parties.

[54] By 2018, the influence of the SLFP in Sri Lankan politics began to decline, suffering a heavy loss in the 2018 local government elections and finishing in third place, while the newly formed Sri Lanka Podujana Peramuna (SLPP) led by former president Mahinda Rajapaksa placed first, winning 40% of the votes and securing the most number of seats and local authorities.

[61] On 5 April 2022, amidst increasing discontent with the Rajapaksa government, the SLPP began losing many of its key allies in the SLPFA, including the SLFP.

[71] Rajapakshe revealed that he received several requests from members of the party's central committee to contest in the upcoming presidential elections as the SLFP candidate.