The Nationals have chosen Mr McCormack to replace Barnaby Joyce, who formally quit this morning.
George Christensen also stood for leader but was defeated by Mr McCormack.
The Nationals have not said what the winning margin was.
Mr Joyce will now be a backbencher and Mr McCormack has been promoted to Cabinet, taking over the Infrastructure and Transport Ministry.
After winning the leadership, Mr McCormack said huge trust, faith and responsibility had been placed in him.
"I will honour that faith and trust and responsibility by doing my best always. I am a team player and I am going to be doing it with the very best team in rural and regional Australia," Mr McCormack said.
Mr Christensen's surprise bid for leadership meant the Nationals faced a vote when they wanted it to be a smooth handover with only one candidate.
Mr McCormack praised Mr Christensen for "putting his hand up" and said his rival had given an outstanding speech.
Mr Christensen has since issued a statement congratulating Mr McCormack.
He conceded this morning's vote meant his colleagues disagreed with his push to split the Coalition between the Liberals and the Nationals.
"I expressed my views on the need to change the current political direction the Nationals are moving in, in a Facebook post over the weekend," Mr Christensen said.
About Michael McCormack
New Nationals leader Michael McCormack doesn't have the same public profile as his predecessor Barnaby Joyce, despite serving in the Turnbull Cabinet since July 2016.
Hailing from New South Wales, the Nationals stronghold that has delivered most of the party's leaders in the last 50 years, meet the man who saw off a late challenge by Dawson MP George Christensen to become the new Deputy Prime Minister.
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