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This article attempts to discuss, how does women empowerment in Sri Lanka could be used as an effective tool to alleviate poverty. Predominantly microfinance was identified as an effective concept to reduce poverty and improve social well-being. The women empowerment is also play a vital part in the process. Microfinance industry has adapted various business strategies and innovative ideas to address and influence poverty reduction. It is acceptable fact that women play a pivotal part in economic development in Sri Lanka. As per the Millennium Development Goals (MDGs) stipulated in 2000, women empowerment and gender equality have been identified as one of the main objectives of MDGs to achieve in every country. It is known fact that there has been a strong relationship between microfinance and women. It’s not only women it has a broader relationship mainly in perspective of empowerment. The aim of this paper is to discuss importance of building women empowerment through microfinance by way of substantial in building confidence, courage, skill development and empowerment, and ultimately become an effective poverty alleviating tool. It is very important to focus on Financial, Social dimensions, Government and Regulator support and Environment performances to put microfinance on to track to become a new standard for the microfinance sector by getting effective participation from women sector. Therefore in order to get the real result from these emerging concepts, need women participation for up-tick the microfinance and alleviate poverty.