Business Secretary Vince Cable, Treasury Secretary Danny Alexander, former leader Charles Kennedy and Simon Hughes all fell, while at one point it looked like Nick Clegg himself would be toppled.
In all, it was a terrible night for the Liberal Democrats.
ITV News Political Correspondent Emily Morgan reports:
One of the Liberal Democrats' most high profile casualties of last night's election mauling has said voters who returned the Conservatives to majority power will only realise the impact of their decision in the coming days.
Simon Hughes told ITV News his party's core message is as "strong as ever" despite taking a "battering" at the ballot box.
The case for a fairer Britain and a fairer world hasn't gone away. In opposition we will rise to the challenge. We will take on the Tory government when we need to and I'm sure there'll be many many reasons for needing to take on the Tory government.
And I think many people will reflect over coming days that what we did in contributing to government made a huge difference for the better and that a Conservative majority government is now sadly not going to have that same fairness agenda, which we absolutely had as our central message.
Nick Clegg has stepped down from his position as leader of the Liberal Democrats following the party's devastating losses overnight.
In a stark resignation speech, Mr Clegg said "fear and grievance has won" after seeing his party lose scores of seats for what will be its worst ever election result.
Mr Clegg warned Britain's place in Europe and the world and future as a united kingdom "is now in grave jeopardy".
The former Deputy Prime Minister Nick Clegg is to make a statement about his position after election results that saw the Liberal Democrat representation in the House of Commons slashed.
Cabinet ministers Danny Alexander, Vince Cable and Ed Davey lost their seats in what looks likely to be the worst election result ever for the party.
This live broadcast has now finished.
Lord Ashdown has urged people to give Liberal Democrats leader Nick Clegg "space" to decide his future after the party suffered heavy losses in the General Election.
Lord Ashdown said Mr Clegg was "arguably the most decent man in politics" and added that he remained "proud" of the campaign run by the party.
Ed Davey, who lost his Kingston and Surbiton constituency to Conservative James Berry, has said he found "an awful lot of people wanted to vote for me but didn't want to vote for my party."
The economy was the most talked about issue on Facebook in the constituency that Chief Secretary to the Treasury Danny Alexander lost.
Over the course of the election campaign, the economy, environment, tax, health and Europe were the most discussed issues in the Inverness constituency.
Tweets about Nick Clegg have soared to 79% of the real time conversation on the social networking site - the highest of any leader over the course of the election campaign.
Earlier the Lib Dem leader was on 59% after many senior party figures lost their seats.
The Liberal Democrats' rapid decline in popularity is to be blamed on their coalition with the Conservatives, Lib Dem blogger Giles Wilkes told ITV News.
Speaking in the Opinion Room, the Financial Times writer said the party have suffered for mistakes made by the Conservatives and never would have foreseen such a backlash.
"The result we're looking at here is off the scale of anything any Lib Dem has ever considered likely. They always thought being in government can make you unpopular, but they never thought it would release this sort of tidal wave against them," Wilkes said.
"Being in coalition certainly caused this. If they had not gone into coalition with the Tories, the Tories would not be re-elected right now. They took a lot of flack for the Tories."
Nick Clegg has resigned as leadrer of the Liberal Democrats after the party suffered their worst General Election collapse in years.Read the full story ›