The result was a narrow victory for the acting incumbent and leader of the governing military Supreme Council for National Reconstruction, Park Chung Hee, who received 47% of the vote, securing a transition to civilian rule under his Democratic Republican Party.

This was after he announced his plans to extend the military rule for another four years, to which United States reacted by threatening to cease all economic aid.

On 3 September, members of the military that were critical of Park's dictatorial behaviour split and formed the Liberal Democratic Party (LDP), nominating former Chief of Staff of the Army and former interim prime minister Song Yo-chan for president.

Also claiming to represent the civilian politicians was the New Politics Party (NPP), which nominated former Prime Minister Heo Jeong as its candidate.

When it became clear that Park would win easily if both candidates ran, Yun suggested that the civilians unite under one party, which the NPP agreed to.