Despite predictions from the opposition of a possible last-minute cancellation, the elections took place as scheduled, with the majority of polls showing the Democratic Unity Roundtable (MUD) holding a wide lead over the ruling United Socialist Party of Venezuela (PSUV) and its wider alliance, the Great Patriotic Pole (GPP).

The political landscape leading up to the elections was heavily influenced by the severe economic crisis faced by the country, as well as a series of protests that took place in 2014, after which former Chacao mayor and leader of Popular Will, Leopoldo López, was detained and sentenced to 14 years in prison.

The scarcity of basic goods and high inflation were the central topics of discussion, with each party blaming their opponent as the cause.

Introducing economic policies to counter the crisis, as well as granting amnesty to political prisoners, was the main campaign pledge of the MUD.

The ruling PSUV, on the other hand, ran a campaign focused on overcoming what they called an "economic war" led by the right-wing against the Venezuelan people, as well as defending the legacy of Chávez and the social policies introduced during his presidency.

The PSUV, which was an alliance formed by Chávez from the Fifth Republic Movement and a number of smaller parties, won 96 seats, maintaining their majority, but lost their two-thirds and three-fifths supermajority.

The highest percentage figure in each polling survey is displayed in bold, and the background shaded in the leading party's colour.

[58] On 10 October 2015, Brazil pulled out of a UNASUR electoral mission to observe the Venezuelan election over what it said a lack of guarantees by the socialist government and its veto of the choice to head the delegation.

[59] In a statement on 10 November 2015, Secretary General of the Organization of American States Luis Almagro condemned Venezuela's electoral process, explaining that the ruling party, PSUV, has an unfair advantage with its ability to use public assets, media access, creating dubious voting sheets and by disqualifying opposition politicians, stating that "It's worrying that ... the difficulties only impact the opposition parties".

[64] After a Freedom of Information Act request from Jacobin, NED provided documents detailing that about $300,000 were granted to the NDI to assist the Venezuelan opposition with workshops to coach politicians and activists on political messaging, especially on social media.

[65][66] A defiant Maduro said he would give no quarter to the Venezuelan opposition in spite of his own party's crushing defeat in last weekend's mid-term parliamentary elections.

[66] Venezuelan bonds grew across the board about one to three cents after the announcement of MUD's victory in the elections, with one researcher at Exotix brokerage stating, "It's better than we expected.

[67] Mauricio Macri, president-elect of Argentina, had announced that he would request to remove Venezuela from Mercosur, as the government was not respecting democratic doctrines.