64-year-old Kumar, Congress' dalit face, a former foreign service official and Union Minister, was elected after a resolution moved by UPA chairperson Sonia Gandhi and seconded by Leader of the House Pranab Mukherjee was approved by a voice vote amidst thumping of deks by the entire House.
Kumar, elected from Sasaram in Bihar in the recent elections, is the daughter of the late Jagjivan Ram.
Ealier, leaders cutting across the political spectrum, including L K Advani (BJP, Mamata Banerjee (Trinamool Congress), T R Baalu (DMK), Arjun Charan Sethi BJD), Sharad Yadav (JD-U), Mulayam Singh Yadav (SP), Lalu Prasad (RJD), Ram Sundar Das (JD-U), Sharad Pawar (NCP), Farooq Abdullah (NC) and E Ahmed (Muslim League) also tabled their motions proposing Kumar for the post.
After Gandhi's motion was approved by a voice vote, Prime Minister Manmohan Singh, Mukherjee and Advani escorted Kumar, who was sitting in the front benches, to the Speaker's Chair.
After Kumar took the Chair, Singh hailed her election as a historic moment and said her services as a distinguished diplomat, 25 years in Parliament and her role as a Minister would stand her in good stead to execute her onerous job well.
Recalling his association with Kumar's father, late Jagjivan Ram, the Prime Minister said he had several occasions to interact with the former Deputy Prime Minister whose "wisdom, knowledge and experience were great assets of the government."
"You are embodiment of the same qualities of head and heart. You have a distinguished record -- as a diplomat, as a Parliamentarian for 25 years and as minister in the government of India," he said, adding she was the embodiment of "charm, grace and tact."
The Prime Minister assured her the government's fullest cooperation in discharge of her duties.
Leader of the House Pranab Mukherjee shared the Prime Minister's views that Kumar's experience as a diplomat, as a political organiser as also administrator in the government and a long stint in Parliament will help her discharge the responsibility bestowed on her.
"I know this is not an easy task. Collectively, we can help you in smooth running of Parliament but handful of us can cause problems," he said.
With acrimony in the previous Lok Sabha weighing heavily on his mind, Mukherjee, who was also Leader of that House, wanted the new House to create a precedent -- not of obstruction and disruption but of debate and discussion.
Noting that Parliament was a temple of democracy, he said only recently a "festival" was witnessed in which 700 million people elected their representatives.
Mukherjee recalled that Speakers from G V Mavlankar to Somnath Chatterjee had a unique record of impartiality, judiciousness and taking correct decisions at correct times and hoped that Kumar will continue the tradition.
Leader of Opposition L K Advani expressed confidence that Kumar's experience in public life would help her serve as Speaker in an efficient manner.
He was hopeful that the 15th Lok Sabha would run smoothly.
The senior BJP leader recalled that he had worked with Kumar's late father Jagjivan Ram during the government of Morarji Desai.
Advani said he did not anticipate Meira Kumar becoming the Speaker when the UPA Council of Ministers was formed on May 22 as she was one of the 19 Ministers.
He said that though she was no longer a minister, she could serve the people better in the capacity of Speaker.
CPI(M) leader Basudeb Acharia hoped that with a woman becoming the presiding officer of the Lok Sabha for the first time, the long-pending bill for women's reservation would see light of the day.
He said CPI(M) had not filed nomination proposing Kumar's name for Speakership as the government had "not approached" his party "properly".
Acharia alleged that in the previous House, the UPA government had rushed through various bills, "scuttling" debate and discussion. He hoped this will not happen under Kumar, whom he described as "friend, philosopher and guide".