Labor's two-term government suffered a devastating defeat with a swing of 10.1 per cent to the CLP on a two-party preferred basis on the back of a 28.6 per cent primary vote.
Chief Minister Eva Lawler was ousted in her seat of Drysdale while just four colleagues appear to have kept theirs.
The Greens have also taken ground in Darwin electorates, leading in Fannie Bay and appearing to challenge former Labor leader Natasha Files in Nightcliff.
Lia Finocchiaro (centre) says she'll get straight down to business after a resounding election win. ((A)manda Parkinson/AAP PHOTOS)
The thumping victory by the Country Liberals, who will have at least 15 seats in the 25-member parliament, also breaks up Labor's year-long stranglehold of every state and federal mainland government.
Chief Minister elect Lia Finocchiaro, the first woman to lead the CLP in the role, said the hard work on behalf of all Territorians would begin on Sunday in "the start of a new day and a new chapter".
"I will meet with the police commissioner and the chief executive of the Chief Minister and Cabinet to start the work that must immediately begin to make the territory safe," she said in her acceptance speech.
"We will do whatever it takes. We will do whatever it takes to restore community safety."
Ms Finocchiaro said her party would get to work on delivering its plan to reduce crime, rebuild the economy and restore "our lifestyle."
"And we will not let you down."
Liberal Party federal deputy Sussan Ley said Labor had failed to measure the impact of cost-of-living upon Territorians.
"Cost-of-living counts incredibly for these communities," she told the ABC.
" And so does development and resources in promoting jobs and opportunity for the next generation."
Labor will have to replace Eva Lawler as leader after she lost her seat of Drysdale. ((A)manda Parkinson/AAP PHOTOS)
Labor will now turn its mind to finding a new leader.
Ms Lawler said it had been an honour to lead the Northern Territory.
"Every day I drove into work I would pinch myself and say this is an honour," she said.
"I would have liked longer but it is now up to Labor, Labor will be in opposition.
"It is now up to Labor in opposition to rebuild and look forward, but also to listen to what Territorians have said. That is politics."
Ms Lawler said she was looking forward to a sleep, a holiday and reading a good book.
She said she would say goodbye to politics.
"I got into politics accidentally," she told the Labor crowd on Saturday night after conceding defeat.
"I'm the least political person in politics. So I will look to something else at some stage."
The CLP is looking to take 15 or 16 seats of the 25-seat parliament, with at least two independents elected and the potential for the Greens to pick up their first NT seat.
Labor could have as few as four seats, ABC election analyst Antony Green predicted late on Saturday night.
It would be their worst result since the first territory election in 1974, when it won no seats despite a 30 per cent primary vote.
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