She is the first person of color to lead Toronto, one of the most multicultural cities in the world.
After former mayor John Tory resigned a few months into his third term due to his admission of an affair with a staffer, her victory marks the second time that Toronto residents have chosen a mayor since October.
There were a record 102 candidates on the ballot on Monday, and over the course of the 12-week campaign, roughly half a dozen well-known individuals rose to the top of the field.
Chow received 37% of the vote, more than Ana Bailao, who got 33%. Late in the campaign, Tory gave Bailao his support.
Chow referred to a downtown high-rise immigrant community, "It's a city where a immigrant kid from St. James Town can be standing in front of you as your new mayor."
Tory was known as a moderate conservative who was straight-laced and kept things under control. This was almost the complete opposite of the previous mayor of Toronto, Rob Ford, whose term was marred by scandals involving public drinking and the use of illegal drugs.
Chow served on the city council of Toronto for thirteen years and represented a downtown Toronto district for eight years at the federal level.
She has said that she will buy more affordable housing.