According to evolutionary theory, the formation of new species is due to:
Accumulation of variations over several generations
Origin of new species from the existing one is called speciation. Gene flow between two isolated subpopulations is very less. Over generations, genetic drift will accumulate different variations in each of the two isolated sub-populations. Natural selection may also operate simultaneously in these isolated populations. In this way, both genetic drift and natural selection result in the formation of new species.