Netanyahu also went on to thank US President Biden and other world leaders for their support.
In a stern warning to Hamas, Israeli Prime Minister Benjamin Netanyahu on Tuesday said that "though Israel did not start this war" but "will finish it".
As part of its retaliation against Hamas, Israel has mobilised 3,00,000 troops. This is the largest mobilisation since the 1973 Yom Kippur War when Israel called up 400,000 reservists, Times of Israel reported.
"Israel is at war. We didn't want this war. It was forced upon us in the most brutal and savage way. But though Israel didn't start this war, Israel will finish it," said Mr Netanyahu in an address to the nation.
As many as 2,300 Israelis have sustained injuries and more than 700 have died so far in the surprise Hamas attack on Saturday morning.
PM Netanyahu lashed out Hamas saying that they will pay the price and will remember the same for a long time.
"Hamas will understand that by attacking us, they have made a mistake of historic proportions. We will exact a price that will be remembered by them and Israel's other enemies for decades to come," said Mr Netanyahu.
He also highlighted the plight of those taken hostage, saying, "The savage attacks that Hamas perpetrated against innocent Israelis are mindboggling: slaughtering families in their homes, massacring hundreds of young people at an outdoor festival, and kidnapping scores of women, children and elderly, even Holocaust survivors. Hamas terrorists bound, burned and executed children. They are savages."
Branding Hamas as ISIS, he called on the "forces of civilisation" to unite against the Hamas and defeat it.
"Hamas is ISIS. And just as the forces of civilization united to defeat ISIS, the forces of civilization must support Israel in defeating Hamas," Mr Netanyahu said.
He also went on to thank US President Joe Biden and other world leaders for their support.
"I am in continuous contact with President Biden, and I would like to thank him again, on behalf of all the citizens of Israel, for the commitment of the US in words and deeds for the security of Israel," the Israeli Prime Minister said. "Also, I want to thank many world leaders for your unprecedented support for Israel," he added.
"In fighting Hamas, Israel is not only fighting for its own people. It is fighting for every country that stands against barbarism. Israel will win this war, and when Israel wins, the entire civilized world will win," Mr Netanyahu said towards the conclusion of his speech.
The Israeli military is going on the offence against Hamas with a force "like never before," Prime Minister Benjamin Netanyahu vowed Monday.
Hamas said civilian hostages would be executed without warning and the killings broadcast if Israel targets people in Gaza. The group claims to be holding more than 100 hostages, including Israeli army officers, according to CNN.
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