Speaking at the milestone, Madugalle said: "It is a huge honour for me to reach this landmark in my career and I am extremely proud and privileged to be the first person to do so.
"It is impossible for me to select a highlight from that time, if I'm honest, because I have had many happy memories. I have approached every series and every Test match in the exact same manner and I have learned a lot working across the world over the years."
Following his retirement, he soon made the transition to refereeing and marked his debut in the Test between Pakistan and Zimbabwe in 1993 at Karachi's National Stadium.
"Without strong support bases in your personal life, it would not be possible to fulfil your ambitions professionally and I would like to thank my family, friends and the match officials community for their support. I would also like to thank the ICC for its encouragement over the years," he said.
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"The game of cricket has given me an enormous amount - both as a player and in later years as a match official - and I feel especially lucky to have worked across the transition from amateurism to professionalism with some incredible players, officials and administrators in that time," he added.
Paying tribute to Madugalle on reaching his 150th Test, ICC's senior umpires and referees manager, Vince Van Der Bijl, said: "Ranjan is a consummate professional match referee and deeply respected by all involved in the game.