The Future Movement Party confirmed that ex-PM Saad Hariri is safe, but the country's health minister said the blasts had caused a 'very high number of injuries' and huge damage.
Medical sources told Reuters that at least 10 people been killed by the explosion, which appeared to follow a fire - the cause of which is unknown - at the port.
Dramatic footage shows smoke billowing from the port area shortly before an enormous fireball explodes into the sky and blankets the city in a thick mushroom cloud.
Witnesses have stressed the sheer enormity of the blast, which was reportedly heard in Cyprus, and likened it to a 'nuclear bomb'.
Security sources told Reuters the blast occurred where there are warehouses storing explosives, although it was not immediately clear what caused the blast.
Officials have not confirmed what type of explosives are in the facilities, but witnesses pointed to videos which seem to show fireworks shooting out of the smoke.
Sources close to Lebanon's militant group Hezbollah denied theories the blast was an Israeli strike on a weapons facility.
It comes just days before a United Tribunal is set to rule on the assassination of the country's former PM Rafik Hariri, Saad's father.
The explosion comes at a time of heightened tensions in the Middle Eastern country which is is passing through its worst economic and financial crisis in decades.
Oh no.......
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