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The blaze doubled in size overnight to 70,000 acres and by nightfall it grew to 83,275 acres. Crews were able to get 5 percent containment, according to fire officials.
Around 265,000 residents in both counties have been evacuated - 95,000 in Ventura County and 170,000 in Los Angeles County. Authorities said 57,000 structures are threatened by the blaze.
Firefighters have appeared to make progress in their firefight as winds died down overnight and early Saturday. Calmer gusts are expected to remain throughout the day until another round of ferocious Santa Ana winds return Sunday morning. A red flag warning is in place through at least Tuesday.
Evacuated residents see the devastation Woolsey Fire leaves behind
Meantime, a death investigation is underway in Malibu. L.A. County Sheriff's officials told the L.A. County Coroner's office they believe two deaths in the area may be related to the fire. The severely burned bodies were discovered inside a stopped vehicle in a long narrow driveway around 4:43 p.m. Friday in the 33000 block of Mulholland Highway.
No other injuries have been reported.
MORE: How to help victims of Woolsey, Hill fires
Acting Gov. Gavin Newsom declared a state of emergency in Los Angeles and Ventura counties due to the Woolsey Fire and the nearby Hill Fire. President Donald Trump also approved an emergency declaration for the state.
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The fast-moving Woolsey Fire jumped the 101 Freeway at Liberty Canyon Road early Friday, which led the blaze to rapidly make its way toward several populated communities.
The destructive flames tore through neighborhoods as wind gusts reached upwards of 30 and 40 mph.
Officials said Friday night about 150 homes have been destroyed in both counties. By Saturday night, the number had increased to 177 structures, while only two have been damaged.
Among the homes ruined in the blaze, several were in the Oak Park area as well as Bell Canyon.
The Woolsey Fire started in Simi Valley near the Rocketdyne facility in the Santa Susana Pass.
The blaze also burned the beloved Western Town at Paramount Ranch in Agoura, where popular shows such as "Westworld" and "M*A*S*H" were filmed.
The massive blaze triggered mandatory evacuations - including the entire city of Malibu.
MORE: Full list of evacuations, road closures in Ventura County fires
Dozens of celebrities living in the area were also evacuated, and Caitlyn Jenner's home was among those destroyed in the blaze.
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Homes were also destroyed in West Hills as the fire quickly entered the San Fernando Valley Friday night. Evacuation orders were issued for the entire community.
Many areas in Simi Valley were also placed under mandatory evacuations as the fire moved back toward the city by Friday afternoon. By Saturday night, all evacuations were lifted.
Pepperdine University students take shelter as flames encroached on Malibu campus
As of Saturday afternoon, SoCal Edison reported that 13,700 customers were without power and that anyone in the fire areas may have internet outages if they have Spectrum.
Detailed fire and shelter information can be found at www.vcemergency.com.
A second fire, dubbed the Hill Fire, burning in the Santa Rosa Valley east of Camarillo, west of Simi Valley near Newbury Park and Thousand Oaks, was mere miles from the scene of a deadly mass shooting that claimed 12 lives Wednesday night. Fire officials said the fire activity in the Hill Fire zone has diminished, allowing more resources to be more focused on the Woolsey Fire.
Authorities said a town hall will be held at Taft High School in the San Fernando Valley at 5 p.m. for people who've been impacted by the fires to get more information.
The cause of the fires remain under investigation.
The Associated Press contributed to this report.