The news comes despite Democrats failing to gain the 25 seats needed to win the House majority.
The 72-year-old California Democrat raised millions in an effort to regain control of the House for her party, but came up well short.
"My colleagues made it very clear: 'Don't even think of leaving,'" Pelosi said at a news conference. "I have made a decision to submit my name to my colleagues to once again serve as the House Democratic leader."
Pelosi's quarter-century of service in Congress representing a San Francisco area district in the House includes becoming the first woman in history to serve as speaker.
The Associated Press contributed to this report.