The poll comes amid major tensions with North Korea, rising youth unemployment and bubbling anger among the electorate over corruption.
Liberal Moon Jae-in, a human rights lawyer, has dominated opinion polls and is the clear front-runner. His closest rivals are Ahn Cheol-soo, an IT multi-millionaire, and Hong Joon-pyo of the ruling party candidate.
Record numbers cast their ballots in early voting last week and turn-out is expected to be high.
South Korea is still reeling from the money-for-influence scandal that engulfed the former president, who is currently awaiting trial after being impeached.
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