The National Assembly ballot transfers Park's authority to the prime minister, pending a decision by the Constitutional Court on whether to ratify the decision and permanently remove the president from office.
A ruling could take up to six months, during which time Park will remain in the presidential Blue House while the country faces an extended period of political uncertainty and policy paralysis.
The motion was adopted by 234 votes to 56, easily securing the required two-thirds majority in the 300-seat chamber.
"I deeply wish that such tragedy in our constitutional history will not be repeated ever again."
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The anonymous paper ballot was conducted against the background din of hundreds of slogan-chanting protesters outside the assembly building, screaming "Impeach Park."
The result marked a startling fall from grace for a politician who had run for the Blue House as an incorruptible candidate, declaring herself beholden to nobody and "married to the nation".
The impeachment motion had accused Park of constitutional and criminal violations ranging from a failure to protect people's lives to bribery and abuse of power.
Supported by all 171 opposition and independent lawmakers, its adoption was made possible by an anti-Park faction within the president's Saenuri party.
The push for impeachment was driven by massive protests that have seen millions take to the streets of Seoul and other cities in recent weeks, demanding Park's ouster.
Choi has been charged with meddling in state affairs and using her Blue House connections to force dozens of conglomerates to donate around USD 70 million to two foundations she controlled.
In a first for a sitting South Korean president, Park has been named a "suspect" by prosecutors investigating the case.
Since South Korea's first free and fair election in 1987, every president has faced graft investigations after leaving office and one -- Roh Moo-Hyun -- committed suicide as a corruption probe closed in on his family.
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