Former prime minister Datuk Seri Najib Tun Razak in a brief posting on his Facebook paid tribute to and gave the highest appreciation to Sultan Muhammad V on his service as the 15th Yang di-Pertuan Agong.
The king's resignation took effect immediately, the National Palace said in a statement.
His abdication is a first for Malaysia since the country gained independence from the United Kingdom more than 60 years ago.
The rotating monarchy system has been in place since independence from Britain in 1957, and Sultan Muhammad V is the first monarch to have renounced the throne.
The king of Malaysia abdicated unexpectedly yesterday amid intense speculation over reports of his marriage to a former Russian beauty queen.
The reports featured pictures of the November 22 wedding, showing the groom wearing traditional Malay garb while the bride wore a sparkling white wedding dress.
The 49-year-old ruler resigned Sunday as Malaysia's 15th king, marking the first abdication in the nation's history and cutting short his five-year term.
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He is the current deputy king and performed Muhammad V's duties after he went on medical leave at the start of November.
Sultan Muhammad V of Malaysia saluting a royal guard of honour during the opening ceremony of the Parliament in Kuala Lumpur in July a year ago.
The heads of six of the nine households met on Monday at the national palace to decide a date for the election of a new king, Bernama reported. The king, or Yang di-Pertuan Agong, is elected every five years by a council of state rulers, or whenever a vacancy occurs.
It added that the king is ready to resume working on the development of the state of Kelantan, where he is Sultan.
Reports then circulated online that he had married a former Miss Moscow in Russian Federation - although royal officials in Malaysia have so far not commented. Neither the sultan, the palace nor the government had officially confirmed the wedding.
While their role is ceremonial, Malaysia's Islamic royalty command great respect, especially among Muslim Malays, and criticising them is strictly forbidden.
A successor has yet to be announced, however, experts suspect that the Conference of Rulers, in which the sultans, prime minister, and officials convene to discuss monarchical matters, may have already anticipated the abdication, and have decided on who will lead next.