Park has apologized for putting trust in her friend, Choi Soon-sil, but denies any legal wrongdoing. They also say she can not be held legally responsible for the sinking.
Park, the country's first democratically elected leader, was ousted amid rising tension with North Korea and a corruption scandal that also landed the head of the Samsung conglomerate in jail.
Park's impeachment at the end of past year came after months of deeply damaging revelations about her relationship with Choi Soon-sil, a longtime friend with whom she is suspected of conspiring to secure donations worth tens of millions of dollars from major companies for foundations set up by Choi.
Ms Park's dismissal from office means South Korea must now elect a new president by early May.
South Korea will learn the fate of Park Geun-hye presidency on March 10 morning.
"As Park Geun-hye no longer has immunity to the criminal prosecution, she can be arrested and imprisoned at any time". According to opinion surveys, Liberal Moon Jae-in, who lost to Park in the 2012 election, now enjoys a comfortable lead for the presidential position.More news: ACC tournament 2017 odds: North Carolina betting favorite for the conference tournament
Protesters gathered and occupy major streets in the city center for a rally against Park Geun-Hye.
The public opinion about Park saw a sharp decline, with her approval rating falling to a dismal 4 percent.
With Park's ouster, the country now has 60 days to choose a new president. Park is implicated in the country's biggest corruption scandal and charged for meddling in the democratic process in South Korea for decades. If Hwang resigns, as some media have speculated he may to run for president, the finance minister will take over as acting president. The scandal has also engulfed a group of executives at tech giant Samsung. The court has been trying with only eight justices since the departure of ex-Chief Justice Park Han-chul on January 31.
Thus, the monthslong political impasse has come at a particularly challenging time for South Korea. She then led the nation's conservative political party, Saenuri, narrowly lost a presidential bid in 2007 and later emerged victorious in the race in 2012.
The National Assembly passed an impeachment bill on December 9 previous year, leaving South Korea's Constitutional Court to approve - or disapprove - of Park's official dismissal.