Sir Ed Davey’s Liberal Democrats toppled four Cabinet ministers as they won a record number of at least 71 seats.
They pulled off a series of surprise victories including in once true blue Witney in Oxfordshire, which was previously the Commons seat of former Prime Minister Lord Cameron.
They fell just short of ousting Chancellor Jeremy Hunt in Godalming and Ash in Surrey.
But they beat Education Secretary Gillian Keegan in Chichester, Culture Secretary Lucy Frazer in Ely and East Cambridgeshire, Michelle Donelan in Chippenham, and Justice Secretary Alex Chalk in Cheltenham.
Sir Ed arrived at the party's Westminster headquarters around 8.30am on Friday to the sound of cheers and confetti popping.
Surrounded by signs bearing the slogan "winning here", Sir Ed addressed a crowd of staff and supporters.
One shouted "we love you Ed" as the leader smiled and waved.
"I didn't even have to paraglide in," he joked.
Earlier, Sir Ed said: “This is a record-breaking night for the Liberal Democrats. We have swept to victory in seats from Land’s End to John o’ Groats.
“I am humbled by the trust that millions of people across the country have put in us.
“We will now work hard to keep that trust with a focus on the issues that matter most to them, most of all the NHS and care.”
In south-west London, the Lib Dems gained a “game, set and match” triple victory as they won Wimbledon, Sutton and Cheam, and Carshalton and Wallington, doubling their number of seats in the capital.
Nick Clegg led the Lib Dems to a big win in 2010 when they got 57 seats in Parliament, and the party won 62 seats in 2005 under Charles Kennedy.
But both these high-water marks were beaten by the Lib Dems in this election.
Sir Ed, who for much of the last Parliament was criticised for failing to cut through with voters, stole the limelight for this election campaign with a series of stunts.
They included falling off a paddleboard on Lake Windermere, going down a waterslide, being interviewed in the tea cups ride at Thorpe Park, just outside London, and free wheeling on a bike down a street in Wales.
Some Tories accused him of not being a serious politician.
But he was seen at Westminster as having had the last laugh as the Lib Dems tore into the so-called “Blue Wall” in southern England to win dozens of seats.
In London’s commuter belt, they won Esher and Walton, Epsom and Ewell, Harpenden & Berkhamsted, Chesham and Amersham, Maidenhead, Michael Gove’s former seat of Surrey Heath, Horsham, Woking, Guildford, Dorking and Horley, Tunbridge Wells, Wokingham and Mid Sussex.
They won Newbury, Didcot and Wantage, Henley and Thame, an area previously represented by Boris Johnson, Winchester, and Lewes.
They swept the West Country seizing West Dorset, North Cornwall, St Ives, Honiton and Sidmouth, South Cotswolds, Mid-Dorset and North Poole, Frome and East Somerset, as well as North East Fife in Scotland, and Brecon, Radnor and Cwm Tawe in Wales.
Many of the seats won by the Lib Dems were previously represented by centrist Tories, so their party may now swing to to the Right, if fewer One Nation Conservatives are in Parliament.
The Lib Dems made their first 2024 gain from the Tories in Harrogate and Knaresborough, Yorkshire.
Incoming Liberal Democrat MP Tom Gordon tweeted: “The first brick in the blue wall has come crashing down in Harrogate and Knaresborough tonight.”
As the night drew on, the Lib Dems had taken 11.5 per cent of the overall vote, less than Reform UK on 14.4 per cent, but Nigel Farage’s party had taken far fewer seats, just four.
Sir Ed’s party had hoped to win Godalming and Ash, with party sources claiming the victory would be “quite the moment” early in the evening, but its voters elected Mr Hunt with a majority of 891.
The outgoing Chancellor said the Conservatives’ “crushing” defeat was a “bitter pill to swallow” for the party.
Sir Ed has spoken about his own caring responsibilities on the campaign trail, including for his son John, aged 16.
After retaining his Kingston and Surbiton seat, he said: “I’ve shared my own caring story during this campaign and I’ve been overwhelmed by the response, especially from fellow carers, people looking after their loved ones who’ve got in touch to say, ‘that’s my story, too’.
“And I’m grateful that we’ve been able to bring caring out of the shadows in this campaign, and we will continue to stand up for a society where we value care and properly support carers because we cannot afford not to.”
To his two children, Sir Ed said: “Ellie and John, I love you so much.”
He later celebrated his party’s vote at an election party in central London, dancing and singing to Neil Diamond’s Sweet Caroline.
