Sri Lanka’s first confirmed COVID-19 patient was identified on the 11^th of March 2020; after the Wuhan outbreak in December 2019. Sri Lankan health authority had a great challenge since it doesn’t have an effective medicine and 21.4 million people of the country should be protected; minimizing health impacts and socio-economic losses. Sri Lankan Government has taken every step to manage these contradictory situations at a middle point with the support of security forces and health sector professionals, extending various preventive and management strategies, under the provision of quarantine and prevention of diseases law no. 12 of 1952. However, a total of 31,375 people were infected with coronavirus and 23,304 patients have been recovered, and 147 were dead as of 19.11.2020 (Epidemiology Unit, 2020). The objective of this study is to identify the socio-economic challenges, providing more weightage on human wellbeing during this Covid-19 outbreak. The quantitative and qualitative secondary data were predominantly used, extracting from scholarly research articles and published and unpublished data sources of health authority as of 31.10.2020. The collected data have been sorted according to the objective, correlating with human wellbeing related occurrences. The analysis was carried out, following both quantitative and qualitative approaches; while applying the author’s viewpoints by interpreting such data into information. The result revealed that socio-economically most affected people are low-income earners, daily wages laborers, and business community due to the curfew and locked down situation and import trade restrictions imposed by the Central Bank of Sri Lanka.