In one of China's worst industrial disasters, the twin blasts occurred at the Ruihai warehouse at 11.20 PM local time yesterday, following a fire report half an hour earlier.
Fireballs erupted then ignited more explosions in companies nearby, state-run Xinhua news agency reported.
Over 10,000 people have been reportedly evacuated from the nearby areas. Authorities said fires were now "under initial control" but hundreds of personnel continued to battle blazes by spraying dry powder and burying areas in sand.
A dozen firefighters were among the 50 killed while 21 others remained missing. At least 71 of the total 701 injured were said to be critical.
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The Tianjin fire brigade said the warehouse contained dangerous goods, making the fire unpredictable and dangerous to approach and that it had sent 1,000 firefighters and 143 fire engines to the spot, around 140 kilometres from the capital Beijing.
A team of 214 military specialists in handling nuclear and biochemical materials has also reached here.
The shock waves were felt kilometres away, with window glass of buildings shattered.
The China Earthquake Networks Centre said the magnitude of the first explosion was the equivalent of detonating three tonnes of TNT, while the second was the equivalent of 21 tonnes.
The impact of the blasts could be felt several kilometres away, and was registered as seismic activity at a US Geological Survey monitoring unit in Beijing.
TV footage also showed huge mushroom cloud and fire far off, with fire still raging at the place of explosions and huge smoke billowing out.
Most of the patients suffered burns, bruises, bone fractures and injuries related to the shock waves.
Chinese President Xi Jinping and Premier Li Keqiang have urged all-out efforts to save the injured and minimise casualties. The rescue operation will also use drones and helicopters.