Mr Corbyn's party enjoyed huge success in London as they took marginal Tory seats Battersea and Croydon Central - ousting Financial Secretary Jane Ellison and Housing Minister Gavin Barwell.
For Ms May, the election result can only be read as an erosion of confidence in her ability to steer the United Kingdom through the choppy waters of Brexit.
Exit polls, which have been historically accurate, showed her Conservative party failing to win enough seats to have a parliamentary majority.
Notable women MPs who retained their seats include May, Conservative Home Secretary Amber Rudd - who kept her seat by a razor-thin margin after several recounts - Green Party leader Caroline Lucas, who retains her party's sole seat in Brighton, and SNP's Mhairi Black, who became the UK's youngest MP when she won her seat in 2015 at the age of 20. There was no landslide one way or the other, but at least one government minister has lost her seat. May's intentions for calling the elections was to gain an upper hand in Britain's exit from European Union, getting a better hold on her party. But the move to conduct snap elections seems to have backfired on May, as the nation gave a stunning blow by wiping out her majority in parliament.
Britain's election is providing another night of political shock and surprise.
From the EU's perspective, the upset in London meant a possible delay in the start of the talks and an increased risk that negotiations would fail.
The conservative party has claimed 294 seats or 45.2%.
Labour has not defined what constitutes a meaningful vote, and this would likely be one area where pro-EU parties would demand the power for parliament to send the government back to Brussels to get a better deal - or even to halt the Brexit process altogether. A second general election could be called within months - taking place as early as August.
This time there is a bigger chance of a minority government, which means the governing party would be unable to pass laws and legislation without the votes of other parties that are not part of the government.
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What happens now? One should expect a frenzied round of talks amongst party leaders with their negotiating members. These people will attempt to put together a coalition government or make a looser deal to make either May or Corbyn the prime minister.
If no party leader commands the confidence of the House of Commons, then the existing Tories government will still remain in office. The new Parliament could reportedly be meeting early next week.
The pro-European Liberal Democrats, who have campaigned for a second European Union referendum, increased their number of seats from nine, but their former leader Nick Clegg lost his seat. But there is also a chance the United Kingdom could go back to polls later this year under the Fixed Term Parliament Act, if two- thirds of MPs vote for it and lose confidence in a government that is not strong enough.
Lib Dem president Baroness Brinton said her party could not work with either Labour or the Tories as both are pushing for a "hard Brexit".
What if Theresa May resigns?
If Mrs May stands down as prime minister, any negotiations over Brexit may have to be delayed while the Conservative Party chooses a replacement for her and discusses if or how to change its approach to Brexit. Corbyn's party may get a good reception from the Scottish National Party or the Liberal Democrats, but there is no surety on that yet.
May began with a presidential-style campaign focused around her own leadership qualities and her ability to implement Brexit, an issue on which Labour was divided. But if Corbyn manages to garner support, he will be the next British PM, despite critics calling him a far-left radical.
The Federation of Small Businesses suggested the start of Brexit talks be suspended.
As the United Kingdom wakes up to the news of a hung parliament, bookies are predicting the country will have to go to the polls for a second time in 2017.
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