The shock election result threatens to topple up to four party leaders, as three have already stepped down today.
Labour leader Ed Miliband resigned saying his deputy Harriet Harman will step in until a successor is appointed.
"I will never give up on fighting for the Britain that I believe in," he while urging supporters not to give up.
"We've come back before and this party will come back again."
Lib Dem leader Nick Clegg was also out after his party endured an electoral bloodbath. While Clegg managed to hold on to his seat in Sheffield Hallam, his party was left with just eight constituencies.
He said: "I always expected this election to be exceptionally difficult for the Liberal Democrats, given the heavy responsibilities we've had to bear in government in the most challenging of circumstances."
"But clearly results have been immeasurably more crushing and unkind than I could ever have feared."
Nigel Farage resigned as Ukip leader after losing out to the Conservatives' Craig Mackinlay in South Thanet, consequently stopping him from entering Westminster.
"There will be a leadership election for the next leader of Ukip in September and I will consider over the course of this summer whether to put my name forward to do that job again," he said.
And the final casualty could be Scottish Labour leader Jim Murphy after the SNP swept to victory in Scotland.