"We're living in tumultuous times; many in our country feel insecure", Mr. Steinmeier told the assembly after winning 931 of 1,253 votes cast.
Steinmeier, who strongly criticized President Donald Trump in the past, predicted "difficulties" in relations with the United States, Bloomberg reported.
In his acceptance speech, Steinmeier said Germany should be an "anchor of hope" while democratic institutions were under threat across the globe.
He is totally against the ones that "make politics with fear". At one point, Mr. Steinmeier called Mr. Trump a "hate preacher".
The new president is also against the right-wing populism, that seems to rise in his country and not only.
"Vladimir Putin reiterated commitment to continue constructive dialogue on topical issues of the bilateral and global agenda and invited Frank-Walter Steinmeier to visit Russian Federation at any time convenient for him", the message said.More news: Holm and Randamie make weight ahead of UFC 208 showdown
The German president has little executive power, but is considered an important moral authority and symbol of the country as its host for visiting dignitaries.
With Mr. Steinmeier's victory, the rebound of Germany's left was on full display.
Brookings Institution Fellow Constanze Stelzenmueller - a German who since childhood has admired the America that rescued Europe and the Germans from the atrocities of Hitler, from post-World-War-II devastation, and from the threat of the 20-plus Soviet divisions that stayed on for half a century after the war in (eastern) Germany - expressed her foreboding about "this dystopian USA election" most trenchantly.
Chancellor Angela Merkel congratulated Steinmeier.
In a congratulatory cable a few hours after Steinmeier was elected, Putin said he hoped for strengthening of ties with Europe's strongest economy. The post of German president is mostly ceremonial.
Czech Foreign Minister Lubomir Zaoralek (CSSD) said on Twitter Steinmeier is a guarantee of reason and prudence that are needed very much in the current world.