Visa-free access for single visits of up to 30 days will come into force on 1 October for six months.
The initiative applies to 35 countries as the island attempts to rebuild its tourism industry following recent political upheaval, the pandemic and the 2019 Easter terror attacks.
However, the list of exempt countries does not appear to include Ireland.
Sam Clark, chief executive of Sri Lanka specialist Experience Travel Group, said the decision was “great news” for the country.
"The new visa-free regime is a game-changing blueprint for the Sri Lanka’s future,” he said.
“It offers travellers [from] around the world a great chance to see all the country has to offer, and it’s a huge opportunity for British ministers to negotiate a permanent visa-free arrangement.”
He added: “Sri Lanka is not just a safe country. It is a jewel in South Asia’s crown and our government should do everything it can to help British people visit.”
The UK is Sri Lanka’s third-largest tourism source market, with 61,000 Britons visiting last year.
The decision is a further boost to the island after the industry lobbied the Foreign Office to change its travel advice for the country earlier this year.
From 2018 until spring this year, the UK government had warned tourists about visiting, saying "food, medicine and medical services" may be limited by political unrest.
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Clark said this had had "a profound impact on tourism to Sri Lanka, with bookings still well below 2018 figures".
Following a campaign backed by celebrities, politicians and business leaders, the FCDO changed its advice for Sri Lanka in April.
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Operators expect the waiving of the fee and visa process will immediately increase Sri Lanka’s appeal.
ETG said previous experience in Vietnam showed visa-free travel boosted visitor numbers by a third within two weeks of adoption.
