[1][2] Tsai Ing-wen of the Democratic Progressive Party (DPP), the incumbent president of the Republic of China, was ineligible for reelection due to term limits.

The Taiwan People's Party (TPP) nominated Ko Wen-je, its leader, the former Mayor of Taipei, who in turn chose Legislative Yuan member Cynthia Wu as his running mate.

Despite previously saying he would support Hou's nomination, businessman Terry Gou declared his own independent bid in September 2023, before ultimately dropping out in November.

Although the KMT and TPP had initially agreed to field a joint ticket in November 2023, the two sides were unable to reach a final agreement, and each announced their own vice presidential candidate on the last day of registration.

Tsai Ing-wen of the Democratic Progressive Party (DPP) became the first female president after winning the 2016 presidential election, defeating KMT nominee Eric Chu.

[38] Billionaire businessman Terry Gou, who founded the global technology manufacturing company Foxconn in 1974, declared his own presidential run as an independent candidate on 28 August 2023.

[54] In August 2023, amid campaigning, Lai Ching-te went to Paraguay for an official visit in his capacity as vice president, with two stopovers in the United States.

[56] In late October, China opened an investigation into Foxconn, after Chinese tax authorities conducted an audit of the company's subsidiaries in the Guangdong and Jiangsu provinces.

[53] The DPP's Lai stated he would be able to take on the challenge of a joint ticket, and criticized the coalition plans, arguing the two parties do not share enough similarity in ideology.

[65] The order of the joint ticket was to be chosen based on opinion polls and publicly announced on 18 November,[66] but the two sides were unable to come to an agreement on that date.

[70]  A televised press conference between Hou You-ih, Ko Wen-je, Terry Gou, as well as Eric Chu and Ma Ying-jeou took place on 23 November.

[78] Additionally, Lai vowed to offer financial support to Taiwanese start-up companies, saying he would allocate NT$150 billion for small business investment.

[79] Ko offered plans to integrate hospitals and bolster the medical field, while the KMT's Hou promised to address mental health.

[83] Hou criticized Lai for his lack of a consistent position on capital punishment, which most polls show has been widely supported by the public.

At the presidential debate, Lai stated although he was personally opposed to the death penalty, it would remain in place under his administration due to broad public support.

[88] When KMT nominee Hou Yu-ih visited the US, he encouraged the Biden administration to make clear their commitment to defending Taiwan.

[90] In November 2023, Lai argued that closer economic ties with like-minded countries could maintain Taiwan's sovereignty while preventing escalation of conflict.

[91] The DPP generally favored a continuation of the status quo of cross-strait relations coupled by strengthening ties with the United States.

[93] In response to former KMT President Ma Ying-jeou's comments stating Taiwan must rely on Xi Jinping's willingness to not invade, Lai cautioned against trusting the Chinese government; instead he reiterated his plans to strengthen national defense.

[94] Again outgoing Tsai reminded voters of Hong Kong's place in China, arguing on 12 January 2024 that greater security would act as the best deterrent to any forceful reunification.

[98] Ten Taiwanese soldiers were allegedly paid by China to make surrender videos, and one of them was reportedly offered millions to defect in a military helicopter.

[109] In the Vice Presidential presentations and debate, Wu repeatedly stressed her experience working with the US and strengthening trade, while Jaw called the DPP's Lai a "terrorist".

He said that the TPP's campaign showed the world that Taiwan was no longer dominated by the "green" and "blue" camps and urged his supporters to continue their hard work for the next election.

[119] In a social media reflection over the campaign on 15 January, Hou's running mate Jaw Shau-kong said that in order to win future elections, the Kuomintang needed to undertake major reforms such as "incorporating a bit of socialist [messaging] on wealth equality," ensuring that its membership better reflected Taiwan's demographics, and promoting greater democracy and transparency in its nomination system.

[120] At a Central Standing Committee meeting of the Kuomintang on 17 January, its leadership acknowledged that although 60% of the electorate voted against the DPP, the failure to establish a joint ticket with the TPP undermined its chances of winning the election.

They also attributed the Kuomintang's defeat to its failure to attract support from younger voters as well as those living in southern Taiwan, where it lost to the DPP by 700,000 votes, and what it called the "apparatus of the state" manipulated by the outgoing government in favor of Lai.

Amid calls within the Kuomintang for his resignation, party chairman Eric Chu insisted that he would "shoulder all responsibilities and endure humiliations to stay in the position until the end of his term" in 2025.

[121] During his victory speech, Lai thanked Hou and Ko for conceding, as well as the Taiwanese people for "writing a new chapter in our democracy" and taking a stand against authoritarianism, adding that they "successfully resisted efforts from external forces to influence this election."

"[123] In response, the Taiwan-run Mainland Affairs Council urged Beijing to "fully respect the election results and Taiwan's public opinion," and "rationally assess" the post-election situation.

[129][130] It also made démarches to Singapore after its foreign ministry welcomed and congratulated the election,[131] and summoned Philippine ambassador Jaime FlorCruz following President Bongbong Marcos' congratulatory message to Lai.