Karunaratne is a Sinhalese surname. Notable people with the surname include:
- Asoka Karunaratne (1916–1988), Sri Lankan politician and philanthropist
- Dimuth Karunaratne (born 1988), Sri Lankan cricketer
- H. D. Karunaratne (born 1964), Sri Lankan economist
- Kuruppu Karunaratne (1960–2008), Sri Lankan long-distance runner who specialized in the marathon event
- Kusuma Karunaratne (born 1940), Sri Lankan academic, university administrator, Professor and scholar of Sinhalese language and literature
- Louis Karunaratne, Sri Lankan cricketer
- M. D. Namal Karunaratne, Sri Lankan politician and a former member of the Parliament of Sri Lanka
- Nayana Karunaratne, Sri Lankan beautician and a fashion designer
- Niluka Karunaratne (born 1985), Sri Lankan Olympic athlete
- Sam Karunaratne (born 1937), emeritus professor of engineering and the founding and current chancellor of the Sri Lanka Institute of Information Technology
- Vikramabahu Karunaratne, Sri Lankan politician and contestant for the Sri Lankan presidential election
- W. S. Karunaratne (1928–1986), Buddhist scholar and a fiercely independent thinker
- Karunaratne Abeysekera (1930–1983), one of Sri Lanka's most famous Sinhala broadcasters