Emmanuel Macron, founder of En Marche! comfortably overcame Ms Le Pen’s 34.5 per cent of the vote.
The Front National candidate called Mr Macron shortly after 7pm BST to concede defeat.
Speaking to thousands of his supporters at the Louvre in Paris, Mr Macron said: “Everyone said to us it was impossible, they didn’t know France.”
In a speech earlier, Mr Macron has promised to work for “al of France” saying that “a new chapter in our long history has been turned tonight”.
The Centrist President said: “I will defend France, its interests, its images, its message.
“I will not allow myself to be stopped by any obstacles.”
Celebrations for Mr Macron’s supporters in France tonight
France’s Front National deputy leader Florian Philippot has said that the Le Pen score is “unprecedented” and that the Front National’s campaign was “good”, but the victory belongs to “financial oligarchy”.
Ms Le Pen conceded defeat saying that “France has voted for continuity”, but still called it a historic result for the Far-right.
She said: “The National Front must deeply renew itself in order to rise to the historic opportunity and meet the French people’s expectations.
“I will propose to start this deep transformation of our movement in order to make a new political force.”
Mr Macron said that France will continue to play its part in combatting climate change and fighting terrorism.
Macron’s supporters have been celebrating at the Louvre this evening
The turnout of the election was down with a figure of 63.5 per cent showing a high abstention rate.
Mr Philippot has said that the Front National will be the main opponent to President Macron.
President of the European Council, Donald Tusk, has said: “Congratulations Emmanuel Macron. Congratulations to French people for choosing Liberty, Equality and Fraternity over tyranny of fake news.”
Macron was joined on stage by his wife and campaign team
Prime Minister Theresa May has congratulated Mr Macron on his election success.
She said: “France is one of our closest allies, and we look forward to working with the new president on a wide range of shared priorities.”
Outgoing Francois Hollande said that Mr Macron’s victory in France’s presidential election showed that the majority of voters wanted to unite around the “values of the Republic”.
Mr Hollande said: “His big victory confirms that a very large majority of our fellow citizens wanted to unite around the values of the Republic and show their attachment to the European Union.”
The President of the European Commission Jean-Claude Juncker said: “I am delighted that the ideas you defended of a strong and progressive Europe, which protects all its citizens, will be those that you will carry into your presidency in the debate about the history of Europe.”
Thousand of people are at the Louvre in Paris to celebrate Mr Macron’s success.
France has voted for continuity
Mr Macron, who will be the youngest leader of France since Napoleon, now faces a huge challenge to build a parliamentary majority that supports his election pledges in June’s legislative elections.
His party En Marche is just one year old and managed to galvanise thousands of supporters to propel Mr Macron to the Elysee.
The vote today came after months of campaigning from both sides.
Both Marine Le Pen and Mr Macron voted early on Sunday in the north of France.
Mr Macron is planning to celebrate in the Louvre tonight.
If Ms Le Pen had won, she would celebrate at the Chalet du Lac in the east of Paris.
Macron is the new president of France after the final election today
Mr Macron is a pro-business candidate and a supporter of the European Union.
The outcome of the election will affect Theresa May’s Brexit negotiations.