The election result ends nearly 20 years of dominance of the legislature by the Socialists of President Nicolas Maduro.
It's one of the world's biggest oil exporters but Venezuela's economic stocks have suffered dramatically in recent years with the plunge in the price of oil.
And the country now has one of the highest inflation rates in the world.
So Venezuelan voters have punished the Socialists, who presided over the country's economic malaise.
The opposition Democratic Unity coalition has won a majority of at least 99 out of the 167 seats in the state legislature.
President Nicolas Maduro conceded defeat, saying the result has sent a clear message.
"I recognize these adverse results and accept them and tell our Venezuela that the constitution and democracy have won. We accept the results exactly as the electoral authorities have enumerated."
Secretary of the opposition coalition, Jesus Torrealba says the voters clearly wanted change.
"The people spoke clearly. Venezuelan families are tired of living through the consequences of failure. The people will no longer tolerate even the smallest deviation from the principles that are established in the constitution. No more! Enough! Respect the decision of the people!"
This man cast his vote for the opposition.
"My brother it is magnificent, what people wanted here was change, and change is coming bit by bit. I am thankful for the Venezuelan people because they came out to participate in the vote, and this is what we wanted, the people made the decision, and now we have to work together, which has been the idea since the beginning."
Socialist supporter Luis Marcano blames the president for the result.
"President Maduro is to blame because he didn´t stop the economic war in time, so the counter-revolution defeated us with the economic war. If he had put an end to it when it all started this would never have happened. He sentenced himself to this death, he did not have the character to confront the crisis, he has brought this on himself."
President Maduro's critics say rigid currency controls and hostility towards the private sector contributed to a crisis that was exacerbated by the global slump in oil prices.
Venezuela depends on crude oil for 96 per cent of its export revenue.
After securing the assembly from the "Chavismo" movement, named for late former socialist President Hugo Chavez, the opposition quickly set out its priorities.
Former presidential candidate and now opposition leader Henrique Capriles has seen a chance to break the ruling party's control over the budget and seek an amnesty for dozens of jailed activists.
"So, what should the government do in light of what happened yesterday? It should free the political prisoners, close all the political cases."
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