Mongolia's incumbent President Nambaryn Enkhbayar of the ex-communist Mongolian People's Revolutionary Party conceded defeat on Monday in a race against his opposition rival, Chinese media reported.
Enkhbayar said Tsakhiagiin Elbegdorj of the Democratic Party had recorded a "narrow victory," the Xinhua news agency reported from the Mongolian capital.
Mongolian media reported earlier that the Democratic Party had won.
The election followed a parliamentary poll last year which triggered violent riots in the streets of Ulan Bator. Five were killed in the riots.
Mongolia shook off communist rule in 1990 without a shot being fired, and the first democratic elections were held in 1992.
The MPRP was the ruling party during the country's seven decades as a Soviet satellite.