Pence, a six-term U.S. Congressman, defeated Democrat John Gregg and Libertarian Rupert Boneham in Tuesday's election.
Pence succeeds Republican Governor Mitch Daniels who, by state law, cannot seek a third term.
"This is Indiana's moment. Because of the progress we've made in the past 8 years, Indiana's on the verge of an era of growth and opportunity. Poised to go from good to great to take our rightful place as the leading state in the Midwest. And as the fastest growing state economies in the United States of America. And tonight, Hoosiers reached for that future, Pence said in his victory speech."
Pence won with 50% of the vote over Gregg's 46% and Libertarian candidate, Rupert Boneham's 4%.