Fifty million people are eligible to vote, and large queues have formed at some polling stations.
The military council which assumed presidential power in February 2011 has promised a fair vote and civilian rule.
The election pits Islamists against secularists, and revolutionaries against Mubarak-era ministers.
But the BBC's Wyre Davies, in the second city of Alexandria, says that for many people the election is not about religious dogma or party politics, but about who can put food on the table.
The frontrunners are:
BBC correspondents say the atmosphere is calm, with people waiting patiently for their turn.
There have been no reports of violence on the day, although a police sergeant died after being shot during clashes between rival supporters in Rawdh al-Faraj on Tuesday evening, officials said.
"It's a very big day," one woman told the BBC. "This is a real great moment for the Egyptians to change."
Another, when asked how long she had been waiting to vote, replied, with a laugh: "Thirty years."
One man said it was most important for the new president to have his own programme.
"Actually he has to be in the revolution, or he has to be a strong part in the revolution. This is something which is not negotiable," he said. Read More
The military council which assumed presidential power in February 2011 has promised a fair vote and civilian rule.
The election pits Islamists against secularists, and revolutionaries against Mubarak-era ministers.
But the BBC's Wyre Davies, in the second city of Alexandria, says that for many people the election is not about religious dogma or party politics, but about who can put food on the table.
The frontrunners are:
- Ahmed Shafiq, a former commander of the air force and briefly prime minister during February 2011 protests
- Amr Moussa, who has served as foreign minister and head of the Arab League
- Mohammed Mursi, who heads Muslim Brotherhood's Freedom and Justice Party
- Abdul Moneim Aboul Fotouh, an independent Islamist candidate
'Free choice'
Voting began at 08:00 local time (06:00 GMT), with queues observed at many Cairo polling stations.BBC correspondents say the atmosphere is calm, with people waiting patiently for their turn.
There have been no reports of violence on the day, although a police sergeant died after being shot during clashes between rival supporters in Rawdh al-Faraj on Tuesday evening, officials said.
"It's a very big day," one woman told the BBC. "This is a real great moment for the Egyptians to change."
Another, when asked how long she had been waiting to vote, replied, with a laugh: "Thirty years."
One man said it was most important for the new president to have his own programme.
"Actually he has to be in the revolution, or he has to be a strong part in the revolution. This is something which is not negotiable," he said. Read More
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