President Barack Obama says the American people have "picked ourselves up" and fought back during tough economic times, declaring after winning re-election that the "best is yet to come."
Obama says he wants to meet with Republican rival Mitt Romney to discuss how they can work together. He says they may have "battled fiercely, but it's only because we love this country deeply."
The president rolled to a second term over Romney, winning more than 300 electoral votes.
Obama was welcomed by thunderous applause as he arrived on stage in his hometown, joined by first lady Michelle Obama and daughters Sasha and Malia.
Romney said earlier he called Obama to congratulate him on his victory, adding that he prays "the president will be successful in guiding our nation."
Mitt Romney has conceded defeat in the presidential contest.
The Republican nominee told supporters he would pray for Barack Obama's success in leading the nation.
Romney thanked his running mate Paul Ryan, saying the Wisconsin congressman had a bright future in the GOP.
Romney lost nearly all the major battleground states to Obama including Ohio, the hardest fought prize.
The former Massachusetts governor said it was time to put aside partisan bickering and work together for the good of the country.
Obama projected winner
NBC News is projecting President Obama to win re-election.
AP is also calling the presidential election for Obama after Mitt Romney lost Ohio and several other key states. Romney was leading Ohio by about 20,000 votes, but the remaining 22 percent of precincts were expected to put Obama over the edge. Florida was still too close to call at midnight.
The Chicago convention center where Obama supporters have gathered to watch the results is exploding in joy and enthusiasm. Not so the Romney camp in Boston, which has been muted as results increasingly showed the tally of electoral votes rising in Obama's column.
Mitt Romney won Indiana and Kentucky early in the evening Tuesday. NBC News also declared Romney the projected winner in South Carolina and West Virginia. Romney was an early winner in Virginia, Georgia, Alabama, Oklahoma and Mississippi.
NBC also declared President Barack Obama the projected winner in Vermont and Rhode Island.
Georgia is a state that had appeared to be a potential battleground early in the campaign, but ended up being part of Romney's Southern base.
Romney also added Tennessee's 11 electoral votes to his total, putting him ahead of President Barack Obama so far. Romney has 67 electoral votes so far, to Obama's 64.
Romney had been far ahead of Obama in the polls in Tennessee, with strong support from white evangelical voters. Romney lost his party's primary in Tennessee earlier this year to Rick Santorum.
Tennessee voters also re-elected Republican Sen. Bob Corker.
In Connecticut, Democratic Rep. Chris Murphy defeated Republican former wrestling executive Linda McMahon in the race for the Senate seat that had been held by retiring independent Joe Lieberman. McMahon spent more than $42 million of her own money on the Senate bid.
In Massachusetts, Elizabeth Warren beat out Republican incumbent Scott Brown for the Senate seat.
See election result maps here. These will be updated throughout the night.
Romney took an early lead in Indiana, with 54 percent of the vote and 23 percent of precincts reporting. President Obama had 38 percent of the vote.
Democrat Joe Donnelly beat out Republican Richard Mourdock for Indiana's US Senate seat. Republican Mike Pence won Indiana governor, although the race was closer than polls projected.