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Dissanayake, 56, the leader of the Marxist Janatha Vimukthi Peramuna party’s broader front National People’s Power (NPP), defeated his closest rival Sajith Premadasa of Samagi Jana Balawegaya (SJB).
Incumbent president Ranil Wickremesinghe was eliminated in the first round after he failed to become within the top two in the vote list.
NPP said Dissanayake will take oath on Monday.
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Dissanayake will be the country’s 9th president.
No election in Sri Lanka has ever progressed to the second round of counting, as single candidates have always emerged as clear winners based on first-preference votes.