Khan, who is the chairman of the Pakistan Tehreek-e-Insaf (PTI), received 176 votes while his only rival and the Pakistan Muslim League-Nawaz (PML-N) chief Sharif got 96 votes.
Khan, clad in a waistcoat and traditional white shalwar kameez garments, smiled broadly and could be seen wiping tears from his eyes while clutching prayer beads as the count was announced. "It will be good for the subcontinent also", Khan said.
After the session, the 65-year-old cricketer-turned-politician went to his chamber in parliament and offered Shukranay K Nawafil (prayers of gratitude).
Malala Yousufzai was quick to congratulate the new prime minister.
Unfortunately, the jack pot slipped in the bag of inexperienced newest and young parliamentarian Bilawal Bhutto rather being bagged by the the iconic celebrity politician, experienced parliamentarian and a recently elected House of Leader and the Prime Minister elected Imran Khan aka Kaptaan Khan.
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The announcement of Khan's election came amid protests from opposition lawmakers who shouted slogans denouncing alleged electoral fraud during the July 25 election.
Opposition parties allege election rigging and say Khan's path to power was made easier by the tacit support of the powerful military, which has ruled Pakistan for almost half its history.
But Khan will face a battle to push through his ambitious reforms and legislative agenda due to the thin majority in the National Assembly. The army and Khan have denied the claims.
China has also provided billions of dollars in loans to shore up Pakistan's foreign currency reserves, which stand at just over $10.1 billion - enough to cover two months of imports.