Bowatte Indaratna, 30, was flown to the main National Hospital in Colombo from the pilgrim town of Kandy where he doused himself with gasoline and set himself alight on Friday in front of stunned Buddhist devotees.
"He is in a very serious condition with 95 percent burns," hospital spokeswoman Pushpa Soysa told AFP.
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"We have sedated him and he is fighting for his life."
A local television channel showed the dramatic images of the monk using a cigarette lighter to set himself ablaze and bystanders, including police throwing buckets of water to put out the flames.
"This is a sacrifice of a life.
This is not a suicide," the monk told the local Swarnavahini television cameraman minutes before the self-immolation bid. "There are over 5,000 cattle slaughtered in Sri Lanka each morning and it must stop.
"
In a leaflet distributed to devotees outside the Temple of the Tooth in Kandy, 72 miles (115 kilometres) east of the capital Colombo, the monk said he was also against proselytising by C