It is the first time since 1941 that a Queensland Labor government has been returned for a fourth term.
Mr Beattie won the support of the state's voters, in spite of a term plagued by problems in the state's hospitals and water-shortages in rural areas.
In a blow to the Coalition, Labor could also increase its current tally of 60 seats in the 89-seat parliament, including the seats of Chatsworth, Redcliffe and Gaven, which it lost in recent by-elections.
Coalition leader Lawrence Springborg conceded defeat just two hours after counting began.
While he congratulated the premier on his victory, he also said Mr Beattie has a responsibility to fix some of the state's problems, such as the failing health system.
Meanwhile, Nationals Deputy Leader Jeff Seeney said the result was less than he expected.
"It is obvious we haven't done as well as we would have hoped to and that means we will have to look at some new strategies," he said.