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Foreign Monkeys was originally founded in December 2005. The line-up back then was very different from what it has become today. Soon, the band was reincarnated and a new line-up competed the Icelandic battle of the bands in the month of March the following year, and won.

This gave The Foreign Monkeys a nation wide recognition. By this time TFM had taken on the closest to their current form. The bands powerful live performance created an immediate buzz, and their reputation spread fast, landing them larger crowds of rock thirsty audience.

At the beginning of May 2006, only 2 months after winning BOTB competition, TFM performed in one of the largest venues in Iceland in front of 5.000 people. This performance was the opening act for highly acclaimed English artists, Badly Drawn Boy, Elbow and Echo and The Bunnymen. In August 2006,

TFM would play their largest gig to this date, in front of 15.000 people in their hometown, at a festival with local artists. In 2006

TFM also started working on their first album, π. After a times of brewing frustration within the band, the singer left, leaving the project hanging by a thread. With the first album well in the making and a huge buzz created, the band was not sure if they would carry on. A few months later, the band decided that the album would be finished, and hired a rhythm guitarist, while the bass player and lead guitarist would fill the void the singer left within the band. Soon the vocal parts were recorded and the album finished, and finally released in April 2009. The album was highly anticipated by critics and press.

In early 2011 the band started working in their second album, Return. The work carried on well into the year after but in in 2013 the band went into hibernation due to certain circumstances of individual members.

In early 2018 the band got back together with the goal to finish the album which is to be released in April 2019, almost 10 years after the release of the first album.