During his two-day visit, he will participate in the International Vesak Day celebrations, the biggest festival of Buddhists, inaugurate a hospital built with Indian assistance and address the Indian-origin Tamil community, besides attending some other programmes.
"This will be my second bilateral visit there in two years, a sign of our strong relationship," he said in a Facebook post, hours before travelling to Sri Lanka.
"During my visit, I will join the International Vesak Day celebrations in Colombo on 12th May, where I will interact with leading Buddhist spiritual leaders, scholars and theologians," PM Modi wrote.
He said it was an honour for him to join these celebrations with President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.
"My visit brings to the fore one of the most abiding links between India and Sri Lanka - the shared heritage of Buddhism," he said.
"This time, I will be privileged to pay respect at the revered Sri Dalada Maligawa in Kandy, also known as the Temple of the Sacred Tooth Relic," he said.
He said his trip will commence in Colombo with a visit to the Seema Malaka at the Gangaramayya temple where he will take part in the traditional lamp-lighting ceremony.
He will be meeting with Sri Lankan President Sirisena, Sri Lankan PM Wickremesinghe and other eminent dignitaries, he said.
"I will also visit the up country region of Sri Lanka where I will inaugurate the Dickoya Hospital that has been built with Indian assistance, and have an interaction with the Indian-origin Tamil community," PM Modi said.