<p>Geotourism focuses on unique geological features and landscapes for tourism activities. Although Sri Lanka is rich in excellent geographic features/landscapes, sustainable geotourism potential is poorly investigated and almost entirely underutilized. This study aimed to implement a strategic initiative for enhancing the geotourism niche market in Sri Lanka. In this article, the authors first identified and discussed (i) opportunities, focus areas, travel types, and positive factors to consider in the future development of the tourism industry, (ii) factors that contribute to the lack of recognition in geotourism in Sri Lanka. In addition, the authors discussed strengths, weaknesses, opportunities, and threats for promoting the geotourism concept in Sri Lanka. This study proposed potential sites such as Namal Uyana, Sigiriya, Dambulla, Nilawarai, Keerimalai, Nildiyapokuna, Madunagala hot water springs, Rumassala, Hummanaya blowhole, and Ussangoda National Park (serpentine deposits) as case studies for geotourism and applied the Modified Geosite Assessment Model (M-GAM′) and the Kubalíková Model for ranking geosites and tourism activities. Accordingly, the authors considered scientific/educational, scenic/aesthetic, protection, functional, and touristic values for rating geotourism practices and resources (e.g., infrastructure). This study confirmed the potential for an emerging geotourism niche market in Sri Lanka, with a focus on sustainable tourism development. Finally, strategic recommendations are proposed for the sustainable growth of geotourism in Sri Lanka.</p>