Dr Chakwera amassed 58.57% of the vote in Tuesday's poll as announced by Malawi Electoral Commission late on Saturday.
Malawians went to polls a year after the country had its tripartite elections in 2019.
In February, however, the constitutional court nullified President Peter Mutharika's victory in the May 2019 election citing massive irregularities.
The constitutional court ruling was upheld by the Supreme Court of Appeal later in April.
In his speech after being sworn, Dr Chakwera said he would develop the country and offer opportunities for all regardless of who voted for him.
President Chakwera said he was aware that not all Malawians voted for him but he will reach out to all people with developmental programs.
“I will work towards ending corruption and helping Malawians to get much needed developmental projects,” he said.
Dr Saulos Klaus Chilima, Dr Chakwera’s running mate in the poll, was also sworn in as Vice-President of the Republic of Malawi at the ceremony that was held at Bingu International Convention Centre (BICC) in the Capital, Lilongwe.
Dr Chakwera, Former Malawi Assemblies of God President and Lilongwe North West Constituency legislator defeated President Mutharika who served the country between 2014 and June 27th 2020.
Dr Chakwera leads a nine-party coalition, Tonse Alliance, and had the backing of former President Joyce Banda as well Dr Chilima, who served as Vice President to Professor Mutharika in the last administration.