The Consrvative Party's win ends 28 years in opposition since they lost power to Labour in 1981.
County Councillor Geoff Driver, leader of the Conservative Group, will formally take over as county council leader at the council's Annual Meeting on 25 June.
"I am delighted that the Conservatives have taken control after 28 years," he said. "Our policies are all about giving the county council back to the people of Lancashire. The county council is here for one purpose and one purpose only – and that is to serve the people of Lancashire."
Voting swing varied from division to division, but the average swing was 9 per cent from Labour to Conservative on a Lancashire-wide basis with turnout at 38 per cent.
The results of the European elections will be announced on Sunday.
• Full Results on the Lancashire County Council web site
• BBC Lancashire County Council Results