Ms Tsai leads the Democratic Progressive Party (DPP).
Ms Tsai had a reasonable amount of lead in votes before Eric Chu of the ruling party , Kuomintang (KMT) conceded defeat.
In her victory speech, Ms Tsai thanked the United States and Japan for their support and vowed that Taiwan will contribute to the maintenance of peace and order in the region.
Mr. Chu has congratulated Ms Tsai on her victory and announced he was quitting as KMT head.
Mao Chi-kuo, Taiwan's Premier also resigned.
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