Tsai Ing-wen, of the Democratic Progressive Party, has secured roughly 60% of the vote.
During her acceptance speech, she said the result was an indication of how ingrained democracy has become on the island.
However, Tsai stressed she would not be provocative in relations with China - a nod to her previous pledge to maintain the status quo of de-facto independence for the island's population of 23 million people.
It brings the eight-year rule of the China-friendly Nationalist Party to an end. Its candidate, Eric Chu, has admitted defeat after attracting just 30% of support at the polls.
Making a long bow in front of teary-eyed supporters, Mr Chu announced his resignation as party chairman, adding: "We failed. The Nationalist Party lost the elections. We didn't work hard enough."
The change in government is likely to complicate relationships between Taipei and Beijing even further, as the mainland has long claimed the island as its own territory.
China has even threatened to use force if Taiwan declared independence, and hundreds of missiles remain pointed in the direction of the island.
For now, it is expected that Beijing will adopt a "wait and see" approach to see how Tsai uses her new-found power - but if she is seen to deviate too far from China's plans for unification, an already struggling Taiwan could come under renewed economic pressure.
As it stands, Taiwan's export-reliant economy has already endured a massive slowdown and slipped into a recession last autumn. China is its biggest customer.
Voters claimed many locals cannot make enough money to afford a home, with one DPP supporter saying: "Taiwan's future is not in China. It's in the world."
Relations between the neighbours had warmed in recent times under the Nationalists, but departing Taiwanese president Ma Ying-jeou was constitutionally barred from another term after serving the maximum of eight years in office.
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