The party was first established in 1962 by Faroese students in Denmark under the name
Oyggjaframi (). Initially the group was linked to
Tjóðveldisflokkurin, but due to increasing
communist influence in Oyggjaframi the party eventually broke relations with the group. In 1969 Oyggjaframi changed its name to
Oyggjaframi–Føroyskir Sosialistar (English:
Advancement for the Islands—Faroese Socialists). In 1972, the
Tórshavn chapter of the party broke away to form
Oyggjaframi (M-L). The remaining group was renamed
Føroyskir Sosialistar. 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.