The CPRF was founded at the Second Extraordinary Congress of Russian Communists on 14 February 1993, as the successor organisation of the Communist Party of the Russian Soviet Federative Socialist Republic. As of 1 January 2012, the party has 81 regional divisions and 156,528 members. The areas where the party has a high concentration of supporters are called "the Red Belt".
The party's stated goal is to establish a new, modernised form of socialism in Russia. Immediate goals of the party include the nationalisation of natural resources, agriculture, and large industries within the framework of a mixed economy that allows for the growth of small and medium enterprises in the private sector.