"Above all, you were a person who remained committed to your values and dedicated to your duties," Haakon said of the late King Harald V in a televised speech.
The new regent said it had been "deeply moving to see all the people, candles, messages and flowers filling up the Palace Square."
"We greatly mourn his loss. At the same time, it gives us consolation and strength to know that there are so many who are grieving with us," the 53-year-old said.
Visibly moved, he also noted that his father and mother, Queen Sonja, would have celebrated their 58th wedding anniversary on Saturday.
"Happy anniversary, dearest mamma," he said, choking back tears.
READ ALSO: Europe's monarchs and world leaders mourn Norway's King Harald
Flags flew at half-mast on Saturday as scores of Norwegians continued to flock to the palace, adding flowers to the masses already on the ground after more than 20,000 people paid their respects Friday.
The late king enjoyed massive support, despite the slew of scandals that dogged his family in the final stretch of his 35-year reign.
'My turn'
Haakon thanked his father for being such "a wonderful papa" to him and his sister Martha Louise, and acknowledged that "a huge task awaits me."
"He reminded our family constantly that each of us must do things in our own way. Find our own path forward. Be ourselves," Haakon said of his father.
"Now it is my turn," he declared.
Kari Lyngestad, a 45-year-old nurse, said she was moved by what she described as a very "emotional" speech.
"I'm happy and I'm sad, and I believe everything is going to be okay, we have a good new king," she told AFP outside the palace just after the broadcast.
Meanwhile, teacher Eyvind Storeheier called it a "fantastic" speech.
"I think he will be much like his father. He will be a king of the people," the 56-year-old said.
Tributes have poured in from European monarchies and world leaders, including US President Donald Trump who hailed the memory of "a strong, proud, and greatly respected man".
Earlier Saturday, King Haakon held audiences at the palace with the leaders of the Church of Norway, parliament and supreme court.
READ ALSO: Why was King Harald so popular among Norwegians?
He also received Prime Minister Jonas Gahr Store for a viewing of the late king's casket, which was brought to the palace from Oslo University Hospital Friday evening.
Memorial services Sunday
A national period of mourning has been declared. No date has been set for the late king's funeral.
Churches across the country will hold memorial services on Sunday. The royal family was scheduled to attend a service in Asker south of Oslo.
On Tuesday, King Haakon will swear an oath of allegiance in parliament.
City halls across Norway set out condolence books on Saturday for the public to write personal messages.
Oslo Mayor Anne Lindboe, who had called off her own wedding on Friday due to the king's death, was the first to write a message in Oslo's City Hall.
"Dear King Harald, you didn't need a crown to be a king. Thank you so much for everything you have done for our city. We will never forget you," she told reporters she had written.
King Haakon and his wife, Queen Mette-Marit, are not expected to be crowned in a ceremony -- Norway abolished coronations in 1908.
But, like his father and grandfather before him, Haakon could opt for a consecration ceremony at Trondheim Cathedral, where Norwegian monarchs were crowned between 1814 and 1906.
King Harald was widely seen as the embodiment of an open and tolerant Norway, and praised for leading a monarchy that was modern and modest.
Scandals
Harald had been in hospital in Oslo since August 17, suffering from haemolytic anaemia, a condition caused by an abnormally rapid destruction of red blood cells that leads to fatigue and shortness of breath.
He faced mounting health problems in his final years, forcing him to scale back his official schedule.
The past year has been a turbulent one for the Norwegian royal family. Queen Sonja, also 89, was herself briefly admitted to hospital in May due to heart problems.
Haakon's wife Mette-Marit is under scrutiny for her ties to the late US sex offender Jeffrey Epstein.
And in June, Mette-Marit's son from a previous relationship, Marius Borg Hoiby, was sentenced to four years in prison for two rapes, a sentence he is appealing.
Mette-Marit, 53, who suffers from a serious lung disease, underwent a lung transplant in July.
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