Conservative candidate Yoon Seok-yeol will become South Korea's next president.
The National Election Commission said that the opposition party leader won 48.56% of the votes, ahead of candidate Lee by 47.83%.
The current president, Moon Jae In could not serve a second term because the presidential term is a five-year term in Korea.
Yoon is a political rookie who spent the last 27 years of his career as a prosecutor. He began his political activities after serving as chief prosecutor who led a high-profile investigation into the corruption scandal that plagued President Moon's aides.
Yoon's victory brought the South Korean government back into the hands of conservatives five years after Park Geun Hye was impeached for her corruption scandal.
He must cope with North Korea's threat and heightened tensions
between the United States and China, and of course lead South Korea through the next stage of the pandemic.
Lee Jae-myung sent a congratulatory message to his rival Yoon Seok-yeol. “ I earnestly ask you to open an era of integration and harmony beyond division and conflict. I still believe in our people. Our people were great. Even during the COVID-19 incident, we showed a high sense of democracy with high turnout. As long as you are there, Korea will continue to move forward.” He also said he hopes to overcome the COVID-19 crisis as soon as possible and return to daily life.