All 129 MSPs will be sworn in, before electing one of their number to become Holyrood's presiding officer for the five-year-term.
Meanwhile, SNP ministers have been continuing to press Westminster to give increased financial powers to Scotland.
The Nationalists won 69 seats, giving them an overall majority.
Labour emerged with 37 seats, while the Conservatives were on 15, the Liberal Democrats won five seats and the Greens have two MSPs.
Independent MSP Margo Macdonald was also returned to parliament.
The Scottish Labour and Tory leaders, Iain Gray and Annabel Goldie, have both announced they are standing down from their jobs in the autumn, while the Lib Dems' Tavish Scott quit his party's leadership at the weekend with immediate effect.
Scottish Secretary Michael Moore is due to meet Alex Salmond in Edinburgh on Thursday, following the SNP's demands for more economic powers in light of the election result.
Continue reading the main storyThe Scottish Parliament presiding officer is an MSP elected in a ballot of Holyrood members.
MSPs submit nominations between 1230 BST and 1415 BST.
If a candidate wins more votes than the total number received by all other candidates and the total number of votes cast is more than a quarter of the total number of seats in parliament, that candidate will be elected.
If there is no outright winner for presiding officer, successive rounds of voting will be held, with the candidate receiving the fewest votes in each round being eliminated until one is left.
If there is only one candidate, MSPs are asked to vote for or against that contender or abstain.
A sole nominee is elected if they win a simple majority in their favour and the total number of votes cast is more than a quarter of the total number of seats in the parliament.
The successful candidate is required to resign from their party, in keeping with the requirement of impartiality.
Holyrood must also elect two deputy presiding officers.
Mr Salmond has said Holyrood must be given more ''economic teeth'' in the Scotland Bill, currently going through Westminster.The SNP wants greater borrowing powers, control over corporation tax and devolution of the Crown Estates.
Meanwhile, candidates for presiding officer of the parliament include Labour MSP and former minister Hugh Henry, along with SNP backbenchers Christine Grahame and Tricia Marwick.
In his pitch for presiding officer, Mr Henry, once education and justice minister, said he would not stand in the way of an independence referendum.
Mr Salmond has indicated he would not attempt to influence his MSPs to elect an SNP presiding officer.
His position came amid speculation that SNP MSPs may wield their majority to elect one of their own members because of fears that an opposition member could rule the referendum beyond the parliament's powers.
Labour MSP Patricia Ferguson will stand to become one of Holyrood's two deputy presiding officers, a post she has previously held.
It is thought Tory MSP John Scott will also stand for the post.
Continue reading the main storyI (name) do swear that I will be faithful and bear true allegiance to Her Majesty Queen Elizabeth, her heirs and successors, according to law. So help me God.”End Quote MSP oath of allegiance Holyrood's out-going presiding officer, Tory, Alex Fergusson, will be the first former holder of the post to return to parliament as an MSP.
The election for the parliament's first minister - with SNP leader Alex Salmond the only realistic candidate - is taking place at a later date.
During the morning swearing-in session, 46 MSPs are taking up seats in parliament for the first time, while 36 members are returning, having served continuously since the first election in 1999.
MSPs will be reflecting their cultural backgrounds by taking oaths or affirmations in Urdu, Gaelic, Scots, Italian and Doric, as well as in English.
Holyrood was also being re-convened after the Earl of Wessex attended the Kirking of parliament on Tuesday night.
The traditional ecumenical service at Edinburgh's St Giles' Cathedral was also attended by MSPs, faith representatives and other guests.
It was led by The Very Rev Gilleasbuig Macmillan, who led the Kirking ceremonies after the 1999, 2003 and 2007 elections.
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