In the fifth round of voting, former foreign minister Boris Johnson secured the support of 160 out of 313 Conservative lawmakers. Rival candidate Jeremy Hunt won 77. Hunt and Johnson will now face a run-off to be the next prime minister of Britain.
Johnson, who was London mayor has said that he was “deeply honoured” to have such emphatic backing from his colleagues.
"I look forward to getting out across the UK and to set out my plan to deliver Brexit, unite our country, and create a brighter future for all of us," he tweeted.
Hunt and Johonson will face vote involving up to 160,000 Conservative party members and results of this vote will be announced in July. Environment Secretary Michael Gove, who had led the 2016 referendum campaign to leave the European Union with Johnson, was narrowly eliminated after winning 75 votes.
Hunt had earlier tweeted that he was the 'underdog', but in politics 'surprises happen'.
Both Johnson and Hunt promise to take Britain out of the EU as quickly as possible. The current exit date is set for October 31.
They both however want to renegotiate the deal May has already struck with Brussels, which parliament has rejected three times, but are prepared to walk away if necessary. Johnson has been accused of being racist in the past, with him calling Muslim women who wear burqa as 'letterboxes' and using the term 'piccaninnies' to refer to black people.
While EU has repeatedly said it will not change text of the deal, the tough talk of 'no deal', particularly from Johnson, has sparked frustration across the bloc.
May was attending her final formal EU summit in Brussels as the result of the voting was announced in the House of Commons. The bloc's leaders warned her successors what to expect. "Some of my colleagues have lost their patience," said Irish Prime Minister Leo Varadkar. Varadkar also added that there was "enormous hostility" to a delay. However, he indicated that it may be acceptable to facilitate a snap election or a second Brexit referendum.
Hunt had suggested he might delay Brexit for a short while if a deal with Brussels was close.
While Johnson has been known for his gaffes, he hasn't put a wrong foot forward during his campaign. Hunt, a more traditional foreign minister, has the reputation of being a tough negotiator.
According to sources, the business community in Britain is alarmed by the talk of a 'no deal' Brexit.
Johnson has wooed Conservative MPs with a promise that only he has the big personality to break the Brexit deadlock and, if necessary, win a snap election.