"I won't let you down", she told voters, after an excruciating count that spanned just shy of two weeks.
A total of 50 seats have been declared in the Queensland election so far, with Labor winning 28 of those seats.
LNP leader Tim Nicholls has not conceded the election yet. The premier has refused to be drawn on who will be in her ministry, saying she'll be working on that over the weekend.
"If the LNP does not back Deb Frecklington, I fear that the Nationals will break away from the LNP", she said of the Nanango MP, whose seat lies in the traditional National Party heartland.
Deputy Premier Jackie Trad is tipped to replace Curtis Pitt as Treasurer in a Cabinet reshuffle. That's one more than Labor needs to govern in its own right, allowing Premier Annastacia Palaszczuk to keep her promise not to do deals with anyone to hang onto power.
Clashes continue as Israel strikes Gaza militant posts after rockets fired
The launches set off incoming rocket alert sirens shortly after 6 p.m., in the Hof Ashkelon and Sha'ar Hanegev regions, northeast of the Gaza Strip.
Mr Nicholls took to Twitter to announce both his concession and that he will "not seek to continue as LNP leader".
Former LNP leader John Paul Langbroek has also put his hand up for the role.
"While the result is disappointing for the thousands of LNP supporters, the MPs who did not hold their seats and the candidates who were not elected, everybody should be proud of the campaign we ran", Mr Nicholls said. "So who's next? It really doesn't worry me".
It's not known whether Mr Nicholls will resign from parliament, although in the statement he thanked the people of his electorate of Clayfield "for re-electing me for my fifth term".