While most executive powers lie with the government, the president names the prime minister, appoints central bankers and commands the military.
Zeman has been a polarising force, publicly belittling opponents and sniping at intellectual elites and the media.
Known for his pro-Chinese and anti-Muslim stance, the populist Zeman, who is also a fan of US President Donald Trump, took pole position in a field of nine candidates in the January 12-13 first round vote, garnering 38.56 percent of the vote.
His stance toward Brussels has been lukewarm.
However, political analyst Michael Romancov told the AFP news agency that while "Zeman never questioned Czech membership in the EU.he said he would welcome a referendum on exit and in practice he significantly deviated from both EU and North Atlantic Treaty Organisation".
"This is my last political victory, there will be no political defeats", he told the crowd, flanked by advisers and the leaders of the far-right, anti-EU and anti-NATO SPD party and the Social Democrat party that he once led.
Czech citizens will have until 2pm on Saturday to cast their votes as polls opened on Friday for the run-off in the presidential election.
He campaigned by warning against Muslim migrants in a country with tiny religious minorities.
GETTYMr Zeman celebrated the result
Both candidates went head to head in a final television debate on Thursday night.
"People around Milos Zeman. managed to incite fear, a very strong emotion, which is much more important than reason", political analyst Tomas Lebeda said.
Opinion polls signaled a close race before the two-day runoff. Zeman is brash, with a self-advertised appetite for alcohol and tobacco.
Congratulating Zeman on his narrow win, Drahos told backers in Prague that "we haven't won, but we haven't lost either", pledging he would not retreat from public life.
Voting in Prague, Zeman slammed political novice Drahos, dubbing him a rival "who hasn't dealt with politics yet", while Drahos vowed the energy generated during the campaign "won't be wasted, whatever the outcome".
Milos Zeman is running for a second term on pledges to keep out refugees and prevent European Union meddling in Czech affairs, and he has sought to dismiss fears around his frequent visits to Russian Federation and calls for a rapprochement with the Kremlin.
Drahos fought off allegations of pedophilia and having been a communist police agent, suggesting the accusations were a smear campaign by Russian intelligence with links to Zeman.
Mr Babis has already acknowledged the next government might not include him.
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