Much of Colombo was flooded after an early morning tropical thunderstorm, but fans still poured onto the streets to greet the side, who lost to Australia by 53 runs in the World Cup final in Barbados on Saturday.
"The reception this morning has been truly amazing," captain Mahela Jayawardene told Reuters.
Despite their final defeat, Sri Lanka's gutsy performances during the seven-week tournament won the hearts of their supporters at home.
"We are naturally disappointed to have not come back with the trophy, but seeing this support is very uplifting for all the squad," Jayawardene added.
"We have to now build on the successes of the World Cup and become an even better team during the next year."
The team are to attend an official welcome ceremony at Independence Square with government and cricket board officials, and former players.
The ceremony, to be televised live, will be followed by a visit to meet President Mahinda Rajapaksa.
