Matibini, who was nominated by the ruling Patriotic Front (PF) was declared winner on Thursday morning by the returning officer of the National Assembly Doris Mwiinga.
The new Speaker beat his rival United Party for National Development (UPND) Vice President, Richard Kapita who was nominated by the opposition.
At the time of voting 155 members of the house were present giving Matibini 78 and Kapita 77 votes respectively.
In a Speech the newly elected Speaker expressed happiness at being chosen to preside over the parliament business and pledged to work and serve with diligence and integrity.
Congratulating Matibini, Vice President Guy Scott said he was happy with the choice of the house and expressed confidence that the Speaker will ensure all Members of Parliament (MPs) are treated fairly and enjoy equal rights and privileges.
Meanwhile, Lundazi Member of Parliament (MP) Mukondo Lungu is the Deputy Speaker of the National Assembly and emerged victorious unopposed.
Mwiinga also announced that Chasefu MP Chifumu Banda is to take up the role of the Deputy Chairperson of Committees owing to the fact that he was the only candidate nominated for the position. .