"The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America -- I have never been more hopeful than I am tonight that we will get there. I promise you -- we as a people will get there," Obama said in Chicago, Illinois.
Police estimated that 125,000 people gathered in Grant Park to hear Obama claim victory.
Obama said he was looking forward to working with Sen. John McCain and Gov. Sarah Palin "to renew this nation's promise in the months ahead."Bush told Obama he was about to begin one of the great journeys of his life, and invited him to visit the White House as soon as it could be arranged, according to White House spokeswoman Dana Perino.
With his projected win, Obama will become the nation's 44th president and its first African-American leader.
Supporters in Chicago cheering, "Yes, we can" were met with cries of "Yes, we did."
More than 1,000 people gathered outside of the White House, chanting, "Obama, Obama!"
"This was a long and hard fought campaign but the result was well worth the wait. Together, under the leadership of President Barack Obama, Vice President Joe Biden, and a Democratic Congress, we will chart a better course to build a new economy and rebuild our leadership in the world."
The Illinois senator is projected to pick up a big win in Virginia, a state that hasn't voted for a Democratic president since 1964.
Obama also is projected to beat McCain in Ohio, a battleground state that was considered a must-win for the Republican candidate.
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