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David Crisafulli will be the next Premier of Queensland but Steven Miles is yet to concede defeat.
Successive polls had pointed to a Labor wipeout, but the LNP has not enjoyed the blue-wash many had predicted.
While a majority LNP government is likely, it is not guaranteed.
At the close of counting tonight, Nine has called 44 seats for the LNP, 32 seats for Labor, 3 seats for Katter's Austrlian Party, and one Independent, with 14 in doubt.
AS IT HAPPENED: A night of drama, twists and turns
In his victory speech, Crisafulli seemed confident the LNP would be able to govern in majority.
"We asked Queenslanders to choose hope over fear and they did," he said.
"We asked Queenslanders to vote for a fresh start and they did.
"And now tomorrow we get to work."
He said history will show tonight will be the "turning point" for crime, health, housing and the cost of living in the state.
"It's going to take every day of those four years to deal with those four crises," he said.
He also noted the LNP had not won back-to-back elections since 1986 and said governing for longer than four years would take humility and decency.
Nine political editor Charles Croucher noted the speech was gracious, and the "speech of a Premier".
Earlier, outgoing premier Steven Miles acknowledged Labor could not win a majority but said the LNP also remained short of the magical 47 seats required.
"We will know more as counting continues in coming days, many seats remain too close to call," Miles said, flanked by his family on stage at the Murrumba Tavern.
"If you consider what we were up against, this is an extraordinary result.
"It was always going to be a challenging election for Labor but I have no regrets about the campaign or indeed my last 10 months as Premier."
Health minister Shannon Fentiman said it had undoubtedly been a "tough night for Labor" but that Miles had earned the right to stay on as opposition leader.
Among the Labor MPs who lost their seat tonight were Brittany Lauga in Keppel, Don Brown in Capalaba, and Jason Hunt in Caloundra, as well as Scott Stewart in Townsville, Les Walker in Mundingburra, and Aaron Harper in Thuringowa.
Greens MP Amy MacMahon lost the seat of South Brisbane. The party may narrowly hold onto Maiwar as their only seat in the parliament.
Early in the night, Nine political editor Charles Croucher noted the lacklustre Green result.
"That blue wave may still come, it won't be a tidal wave…. but the green wave isn't there at all," Croucher said.
Katters Australian Party looks set to retain three, possibly four, seats.
Independent Noosa MP Sandy Bolton will also retain her seat.
The Electoral Commission has paused the count for the night and will resume counting tomorrow.
