Prime Minister Benjamin Netanyahu, leader of the Likud party, and his rival, Benny Gantz of the Blue and White party, blamed each other for the crisis.
Mr Netananyahu said: "Likud did not want this election. We have voted again and again against elections. Unfortunately, Benny Gantz reneged on his agreements with us."
He said his party would "win big" at the poll, due on 23 March.
Mr Gantz said Mr Netanyahu wanted to trigger the election in a bid to avoid his corruption trial.
The Likud leader denies the criminal charges against him, saying they are politically motivated.
The two leaders had shared power since April with Mr Netanyahu holding office first before a scheduled handover to Mr Gantz in November 2021.
