Juan Manuel Santos won 51% of votes and saw off his right-wing challenger Oscar Ivan Zuluaga, who had 45%.
Correspondents say the victory will be seen as an endorsement of the president’s ongoing peace talks with the leftist FARC rebel group.
Oscar Ivan Zuluaga had said he would halt the talks unless the rebels ceased all hostilities.
Juan Manuel Santos launched peace talks with the FARC in November 2012.
The negotiations, which are being held in Cuba, are aimed at ending five decades of conflict.
He expects a deal to be signed by the end of the year, with the FARC giving up their armed struggle and joining the legal political process.
Juan Manuel Santos, 62, will be inaugurated in August for a new four-year term.
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