"I wouldn't rule out a new election altogether. It's complicated under the Fixed Term Parliament Act, but it's not impossible," he said.
His comments come as the Leave camp gained ground through the night. The possibility of Brexit led to the pound plunging to its lowest level in 31 years.
Under the terms of the Fixed Term Parliament Act, the next general election will take place in 2020.
Rees-Mogg went on to predict that Brexit would not lead to recession.
Over 46.5m people were registered to vote in the third nationwide referendum in UK history.