The meeting is likely to discuss threadbare the achievements and shortcomings of the 21 month old LDF government and ways to strengthen CPI(M) from the grassroots level.
The conference, being held once in three years, will discuss the party's political and organisational report and the tactical line to be adopted in the 2019 Lok Sabha polls.
This is the first state conference of the party after Vijayan took over as Chief Minister in May 2016.
Party observers also point out that both Vijayan and Balakrishnan succeeded in weeding out factionalism in CPI(M).
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Discussions are also likely on the political strategy of a tie-up with Congress to take on BJP at the national level as suggested by CPI(M) General Secretary, Sitaram Yechury.
Yechury's line had been turned down at the party Central Committee at Kolkatta after being opposed by CPI(M)'s Kerala unit.
The growth of BJP, which opened its account in the state assembly,and the general political situation,both at the national and state level,will be discussed at the meet, party sources said.
Mani has been invited to attend a seminar organised in connection with the meet.
Self appraisal of performance of leaders, ways to strengthen feeder organisations such as Democratic Women's Association will be taken up during the meet.
According to sources, the embarrassment caused to CPI(M) due to the alleged financial dealings of the elder son of Balakrishnan at Dubai will also figure in the meeting.
A total of 566 delegates and seven Politburo members, including Prakash Karat,S Ramachandran Pillai and M A Baby are attending the meeting, besides 94-year-old Marxist veteran V S Achuthanandan.
Achuthanandan had during the Alapuzha state conference in February 2015 walked out of the meeting over differences with his then beta noire Pinarayi Vijayan, who was the party secretary.
The conference is being held when the Congress led opposition has put pressure on the government over the killing of youth congress functionary at Mattanoor in Kannur last week.
Though CPI(M) has distanced itself from the murder, Congress has alleged that the killing was with the knowledge of the local leaders.