The latest ballot follows the collapse of the eight-party coalition which succeeded in ousting former Prime Minister Benjamin Netanyahu last year. Despite his record run as government leader, Netanyahu failed to bring political stability.
Caretaker Prime Minister Yair Lapid is seeking to hold onto power, with his centrist Yesh Atid party lagging slightly behind Netanyahu's right-wing Likud in the polls.
Lapid, a former TV anchor, on Tuesday urged the electorate to cast their ballot.
"Go and vote today for the future of our children, for the future of our country. Vote well!" he said at a Tel Aviv polling station.
In a political system where a shift in just one of the 120 Knesset seats up for grabs could cement a ruling coalition -- or lead to further deadlock and possible new elections -- the outcome remains uncertain once more.
'Nobody stays home!'
Netanyahu, who is on trial for corruption and breach of trust, addressed party faithful from a bulletproof campaign bus, seeking to convince them that only he can keep the country safe.
"I ask you to go to all of your friends, all of your neighbours, all of your relatives, and tell them that nobody stays home," the 73-year-old known as Bibi urged supporters at a recent rally.
Whoever is tapped to form a government will need the backing of multiple smaller parties to stand a chance of clinching the 61 seats necessary for a majority.
The extreme-right leader Itamar Ben-Gvir may be key to helping Netanyahu return to the premiership, as his Religious Zionism bloc could come third in the election.
Ben-Gvir, who has faced dozens of charges of hate speech against Arabs, vowed Tuesday there will be a "full right-wing government" led by Netanyahu.
Cost of living concerns
The election is being held against a backdrop of soaring violence across Israeli-annexed east Jerusalem and the occupied West Bank.
At least 29 Palestinians and three Israelis were killed across the two territories in October, according to a news agency tally.
The Israeli military said it would shut checkpoints leading to the West Bank and close the crossing with the blockaded Gaza Strip throughout election day.
While many candidates have cited security as a concern, none have campaigned on a platform of reviving stalled peace talks with the Palestinians.
The cost of living has been the hot issue this election as Israelis, having long endured high prices, are feeling the pinch even more because of global economic turmoil linked to Russia's invasion of Ukraine.
