He will succeed Ellen Johnson Sirleaf, Africa's first elected female president, in Liberia's first democratic handover in decades.
But as Weah failed to secure an outright majority, a run-off was scheduled for Tuesday and news broke on Thursday (28 December) that Weah had won the contest, to scenes of joy in the capital, Monrovia, where he grew up.
Supporter Love Norrision said: "I am so glad and happy that we now have our president who will bring a change".
Turnout was said to be low, at around 56 per cent, or roughly two million of the country's 4.6 million people.
George Weah in the running to become president of Liberia IBTimes US.
The victor will replace Ellen Johnson Sirleaf, who is stepping down after two terms.
Weah, who was named world footballer of the year in 1995, was runner-up to Johnson Sirleaf in the 2005 election.
Weah went on to play for top clubs such as Milan, Chelsea and Paris Saint-Germain, winning league titles in France and Italy and the FA Cup in England.
Current Arsenal manager Arsene Wenger signed him for Monaco in 1988, and in a recent interview Weah said he would not have enjoyed such success were it not for the Frenchman.
A year into his stint with the French principality, he won his first African Footballer of the Year award.
Weah who was the senator of Montserrado County was once named FIFA World Player and victor of the much-coveted Ballon d'Or.
The incumbent vice president and candidate of the Unity Party, Joseph Boakai, scored 451,088, which is 38.5 percent of the vote cast.
Its last democratic transfer of power occurred in 1944 and was followed by a military coup in 1980 and a 14-year civil war that ended only in 2003.