Taiwan has elected a 59- years- old woman as its first female President in the history of the country.
Tsai Ing represented Taiwan's Democratic Progressive Party (DPP) which leads the camp that wants independence from China.
Ms Tsai had a commanding lead in the vote count when Eric Chu of the ruling Kuomintang (KMT) admitted defeat. Mr Chu congratulated Tsai Ing-wen and announced he was quitting as KMT head. Taiwan's Premier Mao Chi-kuo also resigned.
The election came just months after a historic meeting between the leaders of Taiwan and China. Correspondents say, the flagging economy as well as Taiwan's relationship with China both played a role in the voters' choice, correspondents say.
The KMT has been in power for most of the past 70 years and has overseen improved relations with Beijing - Ms Tsai's victory means this is only the second-ever victory for the DPP.
The first was by pro-independence advocate Chen Shui-bian - during his time as president between 2000 and 2008 tensions escalated with China.
Ms Tsai, a former scholar, has said she wants to "maintain [the] status quo" with China. She became chairwoman of the DPP in 2008, after it saw a string of corruption scandals. Ms Tsai lost a presidential bid in 2012 but has subsequently led the party to regional election victories. She has also won increased support from the public partly because of widespread dissatisfaction over the KMT and President Ma Ying-jeou's handling of the economy and widening wealth gap.
Saturday's polls come after a historic meeting between President Ma and Chinese President Xi Jinping in Singapore in November for talks that were seen as largely symbolic - the first in more than 60 years.
In 2014, hundreds of students occupied the parliament in the largest show of anti-Chinese sentiment on the island for years. Labelled the Sunflower Movement, protesters demanded more transparency in trade pacts negotiated with China.