His opponent Joseph Boakai was well behind with 38.5% of the vote.
The victor will replace Ellen Johnson Sirleaf, Africa's first female president, who is stepping down after two terms in office.
But, though Liberia enjoyed prolonged peace, post-civil war stability and weathering a devastating Ebola outbreak during Johnson Sirleaf tenure, the president is accused of failing to combat poverty and corruption.
Football great George Weah has reportedly been elected the new President of Liberia after nationwide polls on Boxing Day.
The first-round of voting in October brought high numbers of voters, and officials hoped Tuesday's vote will be no different. His failure to secure an outright majority forced a run-off.
The senator of Montserrado County - once named Fifa World Player and victor of the much coveted Ballon d'or - defeated his 73-year-old opponent Vice President Joseph Boakai in a landslide victory in results announced in Liberia on Wednesday morning.
Weah grew up in Clara Town slum in Monrovia and went on to star for AC Milan, Paris St Germain and Chelsea and become the only African to win FIFA World Player of the Year.
He entered politics after his retirement and is now a senator in Liberia's parliament.
The first-round winner's connections with the office of the presidency run even deeper, as Jewel Howard-Taylor - ex-wife of the revered former Liberian President Charles Taylor - is his vice-presidential pick.
More than two million people were eligible to cast their ballots in the nation of 4.6 million people.
The 51-year-old, of the Congress for Democratic Change party, will succeed Ellen Johnson Sirleaf as president next month following an election fraught with fraud and irregularities accusations, report The Guardian.
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EST, the airport announced they were halting landings and departures were halted due to quick change in temperature. Peters said passengers used stairs to exit the aircraft and were taken by bus to the terminal.
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Later speaking to reporters, Tillerson said that Washington would not accept any preconditions for talks with Pyongyang. These incoherent power games are never going to win the trust of any country, let alone North Korea.
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The Ministry added: "The movies' content will be subject to censorship according to the Kingdom's media policy standards". Many of Saudi Arabia's clerics believe Western movies, and even Arabic films made in Egypt and Lebanon, are sinful.