Some 80% of registered voters cast ballots, said election officials.
PM Najib Razak's Barisan Nasional (National Front) coalition is up against Pakatan Rakyat, a three-party alliance headed by Anwar Ibrahim.
Voters were faced with returning the ruling party, in power for 56 years, or choosing an untested opposition.
Ahead of the polls, allegations of various forms of fraud emerged.
Early results showed Barisan Nasional had won 38 parliamentary seats to Pakatan Rakyat's 16, with at least 112 of 222 parliamentary seats being needed to win federal power. Final results are not expected until Monday.'People do change'
At polling stations Kuala Lumpur on Sunday, there was a palpable sense of excitement among the many voters there who support the opposition coalition, says BBC's Jonathan Head in the Malaysian capital.
Some said this was the first time they felt their votes had mattered.
But Barisan Nasional has been campaigning very hard to shore up its base among poorer ethnic Malay neighbourhoods and in rural areas, and opinion polls suggest a very close race.
Barisan Nasional, while credited with bringing economic development and political stability, has also been tainted by allegations of corruption.
But it remains to be seen whether Mr Anwar's coalition, comprising parties of different ethnicities and religions, can persuade voters to choose an alternative government.Mr Najib, 59, said he was confident that Malaysians would retain his coalition and even return the two-thirds parliamentary majority Barisan Nasional lost in the 2008 polls.
During the last four years, he said during a campaign rally on Thursday, the coalition had proved it could "protect and benefit all Malaysians".
"The task of transformation is not over yet," he told supporters in his home state of Pahang on Saturday.
Mohamed Rafiq Idris, a car business owner waiting to vote in the central state of Selangor, told the Associated Press news agency the ruling coalition had made "some mistakes" but he believed it would do its best to take care of the people's welfare.
But first-time voter Bernie Lim, a banker, said: "I grew up recognising that my parents voted for the present coalition at almost every general election. This time, they voted for the opposition. People do change."
Ethnic Indian voter Karunamoorthy told BBC News in the capital: "We hope for a change of government. There needs to be a change because of abuse of power."
Mr Anwar, 65, has said people's clamour for change means that Pakatan Rakyat will emerge victorious.






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