For some, it was a night of celebration. For others, tonight's results come as a disappointment after weeks of campaigning across the Hawkeye state.
Here are some of the highlights from Monday night’s speeches:
“Tonight is a victory for the grassroots. Tonight is a victory for courageous conservatives across Iowa, and all across this great nation," he said. "Tonight the state of Iowa has spoken. Iowa has sent notice that the Republican nominee for the next president of the United States will not be chosen by the media. Will not be chosen by the Washington establishment. Will not be chosen by the lobbyists. But will be chosen by the most incredible powerful force, where all sovereignty resides in our nation by we the people. The American people.”
Trump was projected to finish second behind Cruz.
Trump said he looked forward to New Hampshire, but had a few last words about the state he had just lost in.
“I think I might come here and buy a farm, I love it,” Trump said.
The Florida senator thanked God, his wife, family and then his competition.
“They told me that we have no chance because my hair wasn't gray enough and my boots were too high. They told me I needed to wait my turn, that I needed to wait in line.”
The former Maryland governor had one of the worst nights, failing to win a single county and announced that he was suspending his presidential campaign. At his concession speech, O’Malley rejected the anti-immigrant rhetoric of Trump.
The former Secretary of State declared early on that she was the winner of the Democratic Iowa caucus even though the race was too close to project.
“This has been an incredible honor to campaign across Iowa, with so many of you to make the case for the kind of future, we want.”
Clinton acknowledged that there is a real “difference of opinion” about how to best achieve the goals of the Democratic Party, but she emphasized her campaign stands for “what is best in America” and hammered the Republican Party.
“When it is all said and done, we have to be united,” Clinton said. “A Republican vision and candidates that would drive us apart and divide us.
While Clinton was ready to say she won, Vermont Sen. Bernie Sanders did not feel as comfortable with that rhetoric in front of supporters at a Des Moines Holiday Inn quite yet.
“Nine months ago we came to this beautiful state,” Sanders said. “We had no political organization, we had no money, we had no name recognition. And we were taking on the most powerful political organization in the United States of America. And tonight while the results are still not known, it looks like we are in a virtual tie.”
Sanders congratulated Clinton and her organization for “waging a very vigorous campaign.” He also thanked O’Malley and said, “It's never easy to lose. I've lost more than one campaign.”
He said O’Malley contributed a lot to the dialogue and ran an issue-oriented campaign.
“I think the people of Iowa have sent a very profound message to the political establishment, to the economic establishment, and by the way, to the media establishment,” Sanders said about the night’s events.
ABC News has not projected a winner because the race is too close.