Australia's only Liberal government is chasing a record fourth successive term, while Labor is aiming to return to power after 10 years in opposition.
Saturday's election is being held more than a year ahead of schedule after the Liberals were unable to resolve a minority government stand-off with two cross bench independents.
Opinion polls point to a hung parliament, with the Liberals winning more seats than Labor but not the 18 of 35 required for majority.
Labor is led by Rebecca White, who is having a third tilt at becoming premier after briefly stepping down from the role after her 2021 defeat.
Polls suggest Labor will receive a first-preference percentage in the 20s and more than a third of voters will snub the two major parties.
Premier Jeremy Rockliff was casting his ballot in the state's northwest, while Ms White voted at historic Sorell, north of Hobart, alongside husband Rodney Dann and their two children.
"There is every chance that Tasmanians won't get a final result (on Saturday night)," she said.
"It might take a number of days before we actually understand what the make-up of the next government and parliament is."
The Liberals have accused Labor of breaching the state's electoral act by installing signs at polling booths.
A Labor volunteer told AAP the signs had been put up "across the state" on Friday night, not in breach of an election law which prohibits distributing signs anywhere on polling day.
Ms White voted in historic Sorell, northeast of Hobart. (Rob Blakers/AAP PHOTOS)
Final results may not be known until the week of April 8 because of Easter public holidays, a record 167 candidates and an expanded parliament.
"What the polls say is the Liberal Party is the only party within striking distance of majority government," Mr Rockliff said on Friday.
Mr Rockliff and Ms White have said they're prepared to govern in minority but have ruled out doing deals or trading policy positions.
The pair have exchanged barbs over whether a new $715 million stadium in Hobart - a condition of Tasmania's licence for an AFL club - is the right priority for the state.
Mr Rockliff, who signed the contract, backs the project but Ms White has described it as a bad deal and says she wants to renegotiate despite the AFL not wanting to budge.
The two leaders may have to contend with a cross bench featuring members of the Greens, Jacqui Lambie Network candidates and independents.
Senator Lambie was in Devonport in the state's northwest alongside candidates.
"We've had 10 years of the Liberal government, we've only seen Tasmania get worse," she told reporters.
Lara Alexander and John Tucker are running as independents after quitting the Liberals in May. (Rob Blakers/AAP PHOTOS)
Tasmania's lower house is being restored from 25 to 35 members, with each of the state's five electorates to elect seven MPs.
More than 90,000 of Tasmania's 408,000 registered voters have cast their ballot early.
Former Liberals John Tucker and Lara Alexander, whose decision to quit the party put the government in minority in May, are running as independents.
Other independent candidates include former Liberal speaker Sue Hickey, one-time Labor leader David O'Byrne and Kristie Johnston, the sole independent elected in 2021.
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