The Republican Party, often referred to as the Grand Old Party, was created in 1854, as a formation of fromer Whigs, Know-Nothing Party, Federalist, and anti-slavery Democrats. The party was directly formed in response to the Kansas-Nebraska Act that was meant to furter slavery in the Kansas territory.
The true rise of the Republican Party occured in 1860, when Abraham Lincoln suprisingly defeated a split Democratic Party. He won the election despite not being on the ballot in most southern states. Lincoln also had to battle Radical Republican nominee, John Fremont, who dropped out of the race to ensure Repbulican victory.
Like the Democratic Party, the party was up and down many years having resurgences during the William McKinley presidency, the fallout after being credited with the Great Depression, to another resurgence during the 1990s.
After the 2004 elections, Republicans dominated the Senate, House, and still claimed the presidency, but that would quickly change. Due to increased frustration from the Iraq War and Corruption issues, the Democrats surged back into power in 2006. The Republicans would ultimately lose the presidency in 2008, and sink further behind in congress. However, the influence of the party continues to be strong, and one would expect their luck to change in the future. Former greats from this party include: Abe Lincoln, Teddy Roosevelt, and Ronald Reagan.