The founding congress of the Reform Party was held on 20 January 2024. At the founding congress, the intention was emphasized to create a "third force", which would include the Reform Party, to oppose the Democratic Party and the PPP. The new party expressed its readiness to create coalitions. The party is led by former People Power Party leader Lee Jun-seok and the conservative Kim Yong-nam is the party's policy committee chief. On February 9, it was announced that the party, along with
Future Party led by
Lee Nak-yon, would merge to create the Reform Party, with the new party being led by Lee Jun-seok and Lee Nak-yon. On 20 February 2024, Lee Nak-yon and his New Future Party announced their withdrawal from the merger with the Reform Party.
Kim Jong-min, an assemblyman close to Lee, also left the party to rejoin Lee's New Future Party. In April 2025, the party rejected
Hong Joon-pyo's suggestion for a merger with the People Power Party, citing its opposition to the PPP's support for Yoon Suk-yeol after the
2024 martial law crisis. ==Ideology==