The Constitutional Court will review the impeachment motion which could take at least two months.
South Korean President Park Geun-hye's powers were suspended at 7:03 pm on Friday (1003 GMT) after parliament voted to impeach her, her office said.
Prime Minister Hwang Kyo-ahn took over as acting president and told a cabinet meeting he would do his best to ensure stable government continued to function.
He said financial authorities should take preemptive steps to prevent volatility in financial markets.
The Constitutional Court will review the impeachment motion, a process that is expected to take at least two months.
(Reporting by Shinhyung Lee; Writing by Jack Kim; Editing by Robert Birsel)
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