Current polling puts incumbent Benjamin Netanyahu in a tight race with Gadi Eisenkot, a former head of the Israel Defense Forces, to become prime minister.
Eisenkot's popularity stems partly from his military credentials and his relative newness in politics, having formed his Yashar Party only last year.
He lost his son, a soldier, in the first months of the Gaza war, and served in Israel's war cabinet under Netanyahu until resigning in 2024 over disagreements about the conflict. He has built his campaign on calls for accountability over the security failures that led to 7 October.
Other opposition leaders include former prime minister Naftali Bennett and Avigdor Lieberman - both right-wingers who take hardline positions on security and advocate permanent Israeli control over much of the occupied West Bank - and Yair Golan, a left-winger who supports Israel's withdrawal from large parts of the territory. Despite their differences, they could work with Eisenkot to form a government.
Netanyahu's current government is the most right-wing in Israel's history. In order to remain in power, he will likely have to rely on the support of some of his existing far-right coalition partners. Some hold ultra-nationalist positions, such as calling for Israel to annex the West Bank and for the "migration" of Palestinians from Gaza - which could amount to the forced displacement of civilians. Some members of Netanyahu's own Likud party have also called for Palestinian "migration" from the territory.
There are two Arab party blocs in the running too, as about one-fifth of Israel's population is Arab - many of whom describe themselves as Palestinian citizens of Israel. In theory, they could prove kingmakers. But all but one of the leading Jewish parties have ruled out working with them.
The dominating topic has been security - with the challengers to Netanyahu all heavily criticising the security failures that led to the 7 October attacks, in which nearly 1,200 people were killed and 251 others taken back to Gaza as hostages. Nevertheless, Netanyahu has once again framed himself as "Mr Security", pointing to strategic victories in Israel's wars since 2023.
Conscription is also a major topic. Historically, ultra-Orthodox Jewish men in full-time religious study have been exempt from military service, but since war broke out this has become an increasingly divisive policy.
Judicial reform has also featured heavily during the campaign. Netanyahu's government is still pursuing contentious plans for reforms to the judicial system, which led to mass protests before 7 October. Critics say the plans would compromise the independence of the judiciary and threaten democracy.
As in many countries, cost of living is another key issue. Food and housing costs have grown steadily in recent years.
A year on from the ceasefire in Gaza, Israel continues to carry out near-daily strikes on the territory - saying it is targeting Hamas operatives - and maintains control of more than half of it.
More than 74,000 people have been killed in Israeli attacks on Gaza since 7 October 2023, according to the Hamas-run health ministry - whose figures are considered reliable by the UN.
In the West Bank, attacks by Jewish settlers are at an all-time high, according to UN records, while Israeli settlements, which are illegal under international law, are rapidly expanding.
So for Palestinians, the shape of Israel's government is a major factor in their lives.
On Gaza, the two leading camps - headed by Netanyahu and Eisenkot - hold similar positions - with both supporting Donald Trump's peace plan, which would see Hamas give up its weapons in exchange for a phased Israeli troop withdrawal from the territory. Eisenkot recently pledged to end Hamas rule in the territory within 18 months, through military means if necessary.
In the West Bank, Netanyahu's camp largely wants to continue with its policy of settlement expansion.
Eisenkot supports Israeli settlements in general, but opposes proceeding with the controversial E1 settlement project which would, in effect, split the West Bank in two. He also wants to close some unauthorised settler outposts built on Palestinian land, create conditions for a final peace settlement with the Palestinians, and crack down on extremist Jewish settlers.
For decades, many mainstream Israeli politicians advocated for a two-state solution - the creation of an independent Palestinian state in peaceful coexistence alongside Israel - although Netanyahu has long opposed it. But support for the idea has been declining for years. In this election, none of the leading Jewish parties are campaigning on it, and many have outright rejected it.
At 22:00 local time (20:00 GMT) on election day, Israeli broadcasters will publish exit polls. These will give some indication of the direction of voting, but can vary significantly and current polling suggests a clear projected winner is unlikely.
Preliminary results are expected the next day, with official results scheduled to be published on 4 November.
After consulting with party leaders, President Isaac Herzog will then invite whichever leader he believes has the best chance of forming a government to do so.
This process can take more than a month, and if it fails the president may ask another leader to try. If that also fails, Knesset members can ask the president to allow a third leader to try. And if that fails, new elections will be called.
Between 2019 and 2022, Israel held five separate elections as parties struggled time and again to co-operate.
