Just eight minutes after the polls closed, Ford, a longtime city councilman, was declared the winner over George Smitherman, the former Liberal provincial cabinet minister, and former deputy mayor Joe Pantalone, Postmedia News reported.
Smitherman received 35 percent of Monday's vote followed by Pantalone with 12 percent.
"We're going to get the city back on its financial feet and Toronto is now open for business," Ford said.
He ran a "stop the gravy-train" campaign promising to end wasteful spending.
"It's a long campaign, and it's worth every single minute," Ford told a cheering crowd at his victory party.
Smitherman said he offered Ford his congratulations for a "hard-fought campaign."