The 69-year-old Chicago-born cardinal was not seen as a frontrunner but quickly secured the required two-thirds majority.
There was jubilation in St Peter’s Square when white smoke emerged and about an hour later the Pope’s identity was revealed when he stepped onto the balcony.
The choice of Leo is the first time the name has been used since Leo XII – the pope from 1878 to 1903.
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1:25
Moment new pope emerges on balcony
Image: People celebrated the new pope’s announcement in St Peter’s Square. Pic: Reuters
Sky News understands one of the first things the Pope did was greet staff at his former residence, Sant’Uffizio Palace, just outside the Vatican.
All eyes will now be on his first mass, when he and other cardinals return to the Sistine Chapel around 10am.
Pope Leo’s first words as leader of 1.4 billion Catholics on Thursday evening were “may peace be with all of you”.
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Conclave: How the last 48 hours unfolded
His balcony speech also paid tribute to his predecessor – who only made him cardinal two years ago and brought him from Peru for a senior Vatican role.
“The pope that blessed Rome gave his blessing to the whole world on that Easter morning. So let us follow up that blessing,” said Leo.
He also called for a “church that builds bridges” and is “able to receive everybody that needs our charity, our presence, dialogue and love”.
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0:43
Trump comments on first US pope
There has long been a taboo against a US pope – given the influence the country already has – but Leo was promoted as a “compromise candidate” ahead of conclave.
His many years as a missionary in Peru are also believed to have given him more universal appeal, especially among the cardinals from Central and South America.
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President Donald Trump told reporters having an American in the role for the first time was a “great honour” – and Time magazine has already revealed its cover celebrating the moment.
However, the Pope appears to have taken issue with some of the Trump administration’s views and policies.
His X account posted a link in February to an article criticising comments by the vice president entitled: “JD Vance is wrong: Jesus doesn’t ask us to rank our love for others”.
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In April, when President Trump met El Salvador’s leader about using a notorious prison for suspected US gang members, he shared another post stating: “Do you not see the suffering? Is your conscience not disturbed? How can you stay quiet?”
‘Pope played Wordle before conclave’
With many now waiting on the Pope’s next public comments, his brothers have revealed their surprise when they saw him emerge in the white robes on TV.
“When the cardinal came out and started to read his name, as soon as he went “raw” I knew he was gonna say ‘Roberto’ – and he did – and I just freaked out.”
Mr Prevost added: “We’ve kind of known he was special, and we used to tease him about being pope when he was six years old and stuff.”
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The Pope’s other brother said he had been in contact with him before conclave and joked about watching the hit film of the same name.
“I said did you watch the movie Conclave so you know how to behave,” John Prevost told NBC News.
“And he had just finished watching the movie so knew how to behave; so it’s that kind of stuff because I wanted to take his mind off of it – because this is now an awesome responsibility.”
He also revealed the brothers had played online puzzles Wordle and Words with Friends to take the Pope’s mind off things in the run-up to the election.
Giving a news conference in Downing Street, he said: “A Russian spy ship, the Yantar, is on the edge of UK waters north of Scotland, having entered the UK’s wider waters over the last few weeks.
“This is a vessel designed for gathering intelligence and mapping our undersea cables.
“We deployed a Royal Navy frigate and RAF planes to monitor and track this vessel’s every move, during which the Yantar directed lasers at our pilots.
“That Russian action is deeply dangerous, and this is the second time this year that this ship, the Yantar, has deployed to UK waters.”
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Mr Healey added: “So my message to Russia and to Putin is this: we see you, we know what you’re doing, and if the Yantar travels south this week, we are ready.”
His warning comes following a report from MPs that the UK lacks a plan to defend itself from a military attack, despite the government promising to boost readiness with new arms factories.
At least 13 sites across the UK have been identified for new factories to make munitions and military explosives, with Mr Healey expecting the arms industry to break ground at the first plant next year.
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The report, by the Commons Defence Committee, said the UK “lacks a plan for defending the homeland and overseas territories” as it urged the government to launch a “co-ordinated effort to communicate with the public on the level of threat we face”.
Mr Healey acknowledged the dangers facing the UK, saying the country was in a “new era of threat” that “demands a new era for defence”.
Giving more details on the vessel, he said it was “part of a Russian fleet designed to put and hold our undersea infrastructure and those of our allies at risk”.
Image: Russian Ship Yantar. Pic: Ministry of Defence
He said the Yantar wasn’t just part of a naval operation but part of a Russian programme driven by Moscow’s Main Directorate of Deep-Sea Research, or GUGI, which is “designed to have capabilities which can undertake surveillance in peacetime and sabotage in conflict”.
“That is why we’ve been determined, whenever the Yantar comes into British wider waters, we track it, we deter it and we say to Putin we are ready, and we do that alongside allies,” he added.
Asked by Sky News’ political correspondent Rob Powell whether this was the first time that lasers had been used by a Russian vessel against pilots, Mr Healey replied: “This is the first time we’ve had this action from Yantar directed against the British RAF.
“We take it extremely seriously. I’ve changed the Navy’s rules of engagement so that we can follow more closely, monitor more closely, the activities of the Yantar when it’s in our wider waters. We have military options ready.”
Mr Healey added that the last time the Yantar was in UK waters, the British military surfaced a nuclear-powered attack submarine close to the ship “that they did not know was there”.
The Russian embassy has been contacted for comment.
More than 250 passengers on board a ferry that ran aground off the South Korean coast have been rescued, according to the coastguard.
It said the Queen Jenuvia 2, travelling from the southern island of Jeju to the southwestern port city of Mokpo, hit rocks near Jindo, off the country’s southwest coast, late on Wednesday.
A total of 267 people were on board, including 246 passengers and 21 crew. Three people had minor injuries.
Image: All on board were rescued. Pic: Yonhap/Reuters
Footage showed passengers wearing life vests waiting to be picked up by rescue boats, which were approaching the 26,000-tonne South Korean ferry.
Its bow seemed to have become stuck on the edge of a small island, but it appeared to be upright and the passengers seemed calm.
Weather conditions at the scene were reported to be fair with light winds.
South Korea’s Prime Minister Kim Min-seok ordered all available boats and equipment to be used to rescue those on board, his office said.
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The coastguard received a report of the incident late on Wednesday, and immediately deployed 20 vessels and a plane to join the rescue effort.
It was not immediately clear what caused the vessel to run aground.
The vessel can carry up to 1,010 passengers and has multiple lower decks for large vehicles and passenger vehicles, according to its operator Seaworld Ferry.
In 2014, more than 300 people, mostly schoolchildren heading to Jeju on a school trip, died when the Sewol ferry sank.
It was one of the country’s worst disasters.
The ship went down 11 years ago near the site of Wednesday’s incident, though further off Jindo.
After taking a turn too fast, the overloaded and illegally-modified ferry began listing.
It then lay on its side as passengers waited for rescue, which was slow to come, before sinking as the country watched on live television.
Many of the victims were found in their cabins, where they had been told to wait by the crew while the captain and some crew members were taken aboard the first coastguard vessels to arrive at the scene.
The Yantar may look scruffy and unthreatening but below the surface it’s the kind of ship a Bond villain would be proud of.
In hangars below decks lurk submersibles straight out of the Bond film Thunderball. Two Consul Class mini manned subs are on board and a number of remotely operated ones.
It can “undertake surveillance in peacetime and sabotage in conflict”, in the words of Britain’s Defence Secretary John Healey.
Image: The Russian spy ship Yantar. Pic: MOD/PA
Cable-cutting equipment combined with surveillance and intelligence gathering capabilities make this a vessel to be reckoned with.
Most worryingly though, in its most recent tangle with RAF planes sent to stalk it, the Yantar deployed a laser to distract and dazzle the British pilot.
Matthew Savill, from the Royal United Services Institute, told Sky News this was potentially a worrying hostile act.
He said: “If this had been used to dazzle the pilot and that aircraft had subsequently crashed, then maybe the case could be made that not only was it hostile but it was fundamentally an armed attack because it had the same impact as if they’d used a weapon.”
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The Yantar is off our waters and here to threaten the West’s Achilles heel, says our government. Undersea infrastructure is essential to our hyper-connected world.
Undersea cables are the vital nervous system of Western civilisation. Through them courses the data that powers our 21st century economies and communications systems.
Pipelines are equally important in supplying fuel and gas that are vital to our prosperity. But they stretch for mile after mile along the seabed, exposed and all but undefended.
Their vulnerability is enough to keep Western economists and security officials awake at night, and Russia is well aware of that strategic weakness.
That is why some of the most sophisticated kit the Russian military possesses is geared towards mapping and potentially threatening them.
The Yantar’s concealed capabilities are currently being used to map that underwater network of cables and pipelines, it’s thought, but they could in the future be used to sabotage them. Russia has been blamed for mysterious underwater attacks in the recent past.
A more kinetic conflict striking at the West’s soft underwater underbelly could have a disastrous impact. Enough damage to internet cables could play havoc with Western economies.
It is a scenario security experts believe the West is not well enough prepared for.
Putting the Yantar and its Russian overseers on watch is one thing; preventing them from readying for such a doomsday outcome in time of war is quite another.