Pro-Russian Yanukovych beat Prime Minister Yulia Tymoshenko by 3.5 percent in Sunday's vote, but she has not yet conceded and her party has alleged substantial fraud.
International observers and Western states however hailed the vote as fair and clean.
"President Obama called Viktor Yanukovych of Ukraine today to congratulate him on his election and wish him success in carrying out his mandate," the White House said in a statement.
"This peaceful expression of the political will of Ukrainian voters is another positive step in strengthening democracy in Ukraine."
The statement said Obama and Yanukovych agreed on the need to continue cooperation on nuclear non-proliferation and wished their respective teams luck in the Winter Olympics in Vancouver, beginning on Friday.
Ukrainian President Viktor Yushchenko was seen as more pro-western than Yanukovych, who is seen here as likely to lean closer to Moscow than the European Union and the United States.
The White House statement looked forward to what is likely to be a more uncertain time in US-Ukrainian relations.
"The strategic partnership between the United States and Ukraine is based on shared interests and values," it said.
"These include expanding democracy and prosperity, protecting security and territorial integrity, strengthening the rule of law, promoting non-proliferation, and supporting reform in Ukraine?s economic and energy sectors.
"The United States looks forward to working with President-elect Yanukovych and continuing to strengthen our cooperation with Ukraine?s government and its Parliamentary leaders."
Source:AFP
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