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Mr Akayev had ruled the country since it won independence from the Soviet Union in 1991. He was forced to flee when violent protesters stormed the White House in Bishkek, protesting against rigged elections. Mr Akayev was the latest in a string of post-Soviet leaders to fall from power in popular revolutions.
Mr Bakiyev, leader of the Tulip Revolution who then became acting president, won a landslide victory.
With 70 per cent of votes counted, the Central Elections Commission said that Mr Bakiyev had an unassailable 89 per cent support.
Turnout among the 2.6 million eligible voters was almost 75 per cent, well above the minimum 50 per cent required.
Mr Bakiyev is expected to appoint Felix Kulov, another leader of the revolt, as Prime Minister.
More than 500 observers had flown in to ensure that the elections were free and fair. A strong result would be important in bringing legitimacy to the leaders of the revolution.
Some critics have suggested that the revolution was “more of a coup than a genuine democratic movement”, as one ambassador in Bishkek put it.
Mr Akayev, now in exile in Moscow, has claimed that the revolution was organised and financed by the US to try to win more influence in the former Soviet Union.
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