Overall Mrs Holloway picked up 51.57% of the vote, ahead of Mr Martins (Labour) on 48.43%.
The result means that Mrs Holloway will become the county’s second Police and Crime Commissioner, following Mr Martins’ win in the first contest in 2011.
Following the announcement Mrs Holloway told us that she will offer a ‘contrast of styles’ from her predecessor.
She said: “(Mr Martins) spent three and a half years pulling pins on verbal grenades and throwing them at the government.
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“If you want to get people to co-operate with you I don’t think that is the best way going about it.”
Mrs Holloway added that she would cut the three day a week deputy PCC role from her office.
The total turnout for the election was 23.7% – a 6% rise on the last PCC vote in 2011.
Mr Martins said: “I am disappointed but on the other hand you don’t stand for election unless you prepare for the eventuality that you may lose.
“We always knew that this would be a very tightly run contest.
“Bedfordshire is naturally a Conservative county, if you look across you’ve got four Tory MPs and two Labour MPs.”
He added: “I consider myself very fortunate to have had the opportunity to serve as Police and Crime Commissioner.
“I think it is one of the best roles in politics, it beats being an MP any day.”
>> First round voting totals
Bugle, Toni (English Democrats): 6,569, 6.13%
Holloway, Kathryn Ann (Conservative): 39,288, 36.67%
Jack, Linda Anne (Liberal Democrats): 12,413, 11.59%
Martins, Olly (Labour): 37,853, 35.33%
Strachan, Duncan Anthony (UKIP): 11,012, 10.28%
>> Second round voting totals
Mrs Holloway secured 8,109 second preference votes for a total of 47,397, while Mr Martins picked up 6,661 second preference votes for a total of 44,514.