January 1, 1959 saw two new universities being established in Sri Lanka after 17 years. It was also significant that these two universities had existed as institutes of Buddhist & Oriental Studies from the 1870s, mainly for the Buddhist clergy. It was the day that the Vidyodaya and Vidyalankara Pirivenas were upgraded to university status.

Kelaniya University

Both the lay and clergy were admitted to the new universities just like the University of Ceylon (in existence from 1942) with two campuses in Colombo and in Peradeniya. In 1978 the two universities were renamed – Vidyodaya as Sri Jayawardenapura University and Vidyalankara as Kelaniya University.

Over the years both universities have expanded. Today Sri Jayawardenapura University with over 9000 students has four main faculties – Arts, Management Studies & Commerce, Applied Sciences and Medical Sciences. There is an academic staff of 460.

In addition, there is also a Post-graduate Institute of Management Studies. The Mission of the University is "to excel as an institution of higher learning." The Kelaniya University has a student population of 8000 and an academic staff of over 400. Five faculties are in operation. They are Science, Medicine, Humanities, Social Sciences and Commerce & Management.

Sri Jayawardenapura University

Post-graduate diplomas and degrees are also awarded. There are two affiliated institutes – Post Graduate Institute of Archaeology and Gampaha Wickremarachchi Ayurveda Institute. The Mission of the Kelaniya University is "to achieve excellence in providing learners with opportunities to develop knowledge, attitudes and skills to serve the world with respect for dignity of life."

New universities

The University Grants Commission (UGC) established in 1978 is the apex body of the university system in Sri Lanka. Appointments, finances and other general administrative matters are handled by the UGC.

Over the past few decades, a number of new universities have been established in numerous parts of the country. Today the total number of universities stands at 15.

The list with year of origin and location reads:

University of Colombo (1942)
University of Peradeniya (1967)
University of Sri Jayawardenapura (1959)
University of Kelaniya (1959)
University of Moratuwa (1972)
University of Jaffna (1974)
University of Ruhuna (1978) (Matara)
Open University (1980) (Nugegoda)
Eastern University (1981) (Chenkalady)
University of Rajarata (1995) (Mihintale)
University of Sabaragamuwa (1995) (Belihul Oya)
South Eastern University (1995) (Oluvil – Ampara District)
University of Wayamba (1999) (Kuliyapitiya)
University of Uva Wellassa (2005) (Badulla)
University of Visual & Performing Arts (2005) (Colombo)

Colombo and Peradeniya were two campuses of the University of Ceylon until they were made two
separate universities.

The 15 universities have 78 faculties with 449 departments of study. According to the latest
statistics, there are 102,060 students on roll and 4,313 teachers. The number of employees is 13,189. The annual government grant to the universities amounts to Rs. 8,571 million.

At least six Post-graduate Institutes are also in operation. They cover the subjects: Medicine (1974), Agriculture (1975), Pali & Buddhist Studies (1975), Archaeology (1986), Science (1996) and English (2005).