The election was held in all the 18 local government areas of the state on Saturday.
Akeredolu, who is also the candidate of the All Progressives Congress, polled a total of 292,830 votes.
The governor beat his closest rival, Eyitayo Jegede, the candidate of the Peoples Democratic Party, who scored 195,791 votes.
Mr Agboola Ajayi, deputy governor of the state and candidate of the Zenith Labour Party, came third with 69,127 votes.
The results was announced at the conclusion of counting on Sunday afternoon.
Abel Olayinka, Chief Returning Officer of INEC for the governorship election, announced the results on Sunday afternoon.
Akeredolu is returning for a second term in office.