This is the first poll after 2014 popular uprising that toppled sit-tight ruler, President Blaise Compaore.
Security is reported to be tight with up to 25,000 troops deployed across the country.
The polls, which was scheduled for October, had to be delayed due to a failed coup in September, led by members of the elite presidential guard.
The election is meant to mark the end of the transitional period following Mr Compaore’s removal. He had been in power for 27 years.
Analysts are predicting that it is most likely to be the most open and democratic vote in the country’s history.
Among the 14 candidates standing for the presidency, reports suggest that Roch Marc Christian Kabore and Zephirin Diabre are the front-runners.