The Revolutionary Socialist Party of India is amongst the Leninist Marxist socialist political parties of India. The party was established on 19th March 1940 as one of the Indian Organisations during Freedom Struggle. The association had its basis the Bengali liberation movement, namely the Anushilan Samiti as well as the Hindustan Socialist Republican Association or Hindustan Socialist Republican Army (HSRA), which was initially known as Hindustan Republican Association (HRA). A major segment of the Anushilan Samiti had been fascinated by the ideologies of Marxism in the 1930s. A marginal segment moved away from the Anushilan movement and eventually became a part of the Communist Consolidation and afterwards the Communist Party of India. The Anushilan Marxists lacked the resources to form their own separate political party. Further more they refused to join the Communist Party of India due to differences in political viewpoints, thus the Anushilan Marxists became an integral part of the Congress Socialist Party as it was the only acceptable platform for them. The Congress Socialist Party adopted the ideals of Marxism in the year 1936.

During the year 1938, a meeting was conducted between Jayaprakash Narayan, who was the leader of the Congress Socialist Party (CSP), Keshav Prasad Sharma, Tridib Chaudhuri and Jogesh Chandra Chatterjee. The Anushilan marxists discussed the issue with Acharya Narendra Deva, who was amongst founders of the Congress Socialist Party as well as an Anushilan militant. Later the Anushilan marxists decided to became a part of the Congress Socialist Party, maintaining a distinct identity in the association. In the latter half of 1938, the Anushilan marxists started to publish a journal entitled The Socialist from Calcutta (now Kolkata). Satish Sarkar acted as the editor of the journal.

Several differences emerged between the Anushilan Marxists and the other members of the party regarding the ideological views of the Congress Socialist Party (CSP) and its political practice. These contrasting view points became prominent during the Annual Session of the Indian National Congress Party in the year 1939, held at Tripuri. The Anushilan marxists provided full support to Netaji Subhas Chandra Bose both in opposing the Pant resolution as well as the presidential elections. Jogesh Chandra Chatterjee also rejected his party membership as a sign of protest against the action undertaken the eminent leaders of the Congress Socialist Party.

The Left Consolidation Committee eventually declined, after the Communist Party of India, the Congress Socialist Party and the Royists abandoned it. Subhas Chandra Bose organised the Anti-Compromise Conference in Ramgarh, Bihar, (now in Jharkhand). The conference was attended by the members of the Forward Bloc, the Kisan Sabha, the Labour Party and the Anushilan Marxists. During the conference, the Anushilan marxists assembled to establish their own separate party which would be known as the Revolutionary Socialist Party of India (Marxist-Leninist). Thus Anushilan Marxists left the Congress Socialist Party (CSP). Jogesh Chandra Chatterjee was appointed as the first General Secretary of the Revolutionary Socialist Party of India.

After the nation achieved independence from the rule of the British Empire in India, Jogesh Chandra Chatterjee resigned as the Jogesh Chandra Chatterjee of the party, as he left the Revolutionary Socialist Party of India and became a member of the Indian National Congress Part in the year 1953. Later Tribid Kumar Chaudhuri was appointed as the new General Secretary of the Revolutionary Socialist Party.