Theresa May and Andrea Leadsom are the last MPs standing after voting reduced the initial five candidates to two.
In the second round of voting which took place today, Home Secretary Theresa May received 199 votes from Tory MPs, while energy minister Andrea Leadsom received 84 votes.
Michael Gove, Liam Fox and Stephen Crabb are out of the race. It means that Britain's next prime minister will be a woman, something which has only happened once before.
It's now up to grassroots Conservative party members to decide our next prime minister, but where do the two stand on the key issues?
Theresa May: Must be a "priority" to allow British companies to trade with the single market, but will seek action on free movement. Admits leaving the EU would not immediately stem the flow of migration from Europe. Will not guarantee that EU nationals already living in Britain can stay.
Andrea Leadsom: Wants to continue free trade with the EU but also control immigration. Backers have promised she will set out a "third way" to show how to achieve both. Has committed to allowing EU nationals already living in Britain to stay.
Theresa May: Will not order an emergency budget in response to Brexit. Has discussed reforming capitalism and called for a small but strong state. Will tackle "gross abuses of power" and address the gap between the generations.
Andrea Leadsom: Has promised "prosperity not austerity" and signalled that she will keep up the Leave campaign's momentum to focus on boosting the prospects and incomes of so-called "left behind" voters - focusing tax cuts on the low-paid and "supercharging" the "northern powerhouse" project
Theresa May: Has promised a one nation Conservative "radical programme of social reform" to help those from "ordinary, working class" families. Will "cherish" the NHS. Voted for gay marriage.
Andrea Leadsom: Will appoint a key housing minister with a bigger budget who will be in post for the long-term. Abstained on gay marriage and said she "didn't like" the legislation.