Her victory, which saw her lead the contest through six rounds of voting, suggests she could be a potential contender to replace the current speaker John Bercow whenever he stands down.
The Paisley-born former Shadow Scottish Secretary is believed to have picked up a large number of votes from Labour MPs impressed with her non-partisan approach.
Mrs Laing, the MP for Epping Forest, thanked her fellow MPs for "placing their confidence in me".
The contest was sparked by the resignation of Nigel Evans, 55, who is accused of two counts of indecent assault, five of sexual assault and one of rape.
Mrs Laing beat off stiff competition from former ministers Simon Burns and Henry Bellingham, alongside other Tory MPs Brian Binley, David Amess and Gary Streeter. Nadine Dorries, the former I'm a Celebrity contestant, was eliminated in the first round after she received just 13 votes from 650 MPs.
Mr Bercow said he congratulated Mrs Laing "warmly and I may say on behalf of my colleagues and myself that we all greatly look forward to working with her".
First elected in 1997 Mrs Laing held a number of positions when the Conservatives were in opposition including shadow minister for women and equality and shadow justice minister.
Earlier this year she announced she would abstain on the gay marriage bill at Westminster saying that she had received hundreds of letter on the issue from her constituents.