Sergio Mattarella(73)will succeed Giorgio Napolitano, 89, who stood down earlier this month citing "signs of fatigue".
The result, confirmed on a third day of voting, will be seen as a boost for Prime Minister Matteo Renzi, who nominated Sergio Mattarella.
Sergio Mattarella was elected after three inconclusive rounds of voting, in which no candidate secured the two-thirds majority needed to win.
Saturday's fourth round required merely a simple majority of the 1,009 eligible voters to produce a result.
Applause broke out in the Chamber of Deputies as Sergio Mattarella's vote passed the 505-vote threshold.
Italy's president is largely a ceremonial role, but includes the power to appoint a prime minister.
Giorgio Napolitano named five prime ministers during his eight-and-a-half-years in office
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