According to local media reports, Piñera's campaign was promised to give a kickstart to the country's stagnant economy.
Piñera's campaign included incentives to reenergise the economy, which is growing at a very poor rate of 1.4 per cent this year.
The South American country's 14 million voters cast their votes at more than 43,000 polling stations.
Pinera, a wealthy conservative businessman, who was the president between 2010 and 2014, has succeeded the outgoing centre-left president Michelle Bachelet, who steps down in March next year and cannot run for re-election.
Piñera, while casting his ballot, said he was confident that Chileans "will choose the right path" and that the election's outcome would determine the country's path for "many decades." (ANI)