The Israeli parliament voted to dissolve itself on Thursday, with the new election scheduled for November 1.
The decision to dissolve parliament received 92 votes in favour, with none of the lawmakers opposing.
Israel's Foreign Minister Yair Lapid is set to become acting prime minister after midnight on Friday. The fourteenth person to hold this position, he will take over from Naftali Bennett, who is the country's shortest-serving prime minister.
The government coalition, titled 'Bloc of Change', failed to secure a majority, collapsing just a year after it was formed in a historic move that united ideologically diverse parties and even included an Arab faction for the first time.
The political experiment to bring together parties from different corners of the Israeli political spectrum seems to have come to an end with Thursday's vote.
Meanwhile, poll numbers are showing that the party of ex-Israeli PM Benjamin Netanyahu, who is mired in a corruption scandal, are gaining popularity. In September, Likud is expected to go to the primaries and elect its next leader, with Netanyahu likely to win the race. Should this be the case, his party is projected to secure between 35 and 38 seats in the chamber - which does not guarantee that Likud will manage to form a government.
If Likud or any other party fails to do so, Israel will head to the polls once again.