Bringing the fire – which spread across seven of Wang Fuk Court’s eight apartment blocks – under control involved more than 2,311 firefighters.
Firefighting efforts have now ceased. The fire was fully extinguished by 10:18 local time (02:18 GMT) on Friday, the fire department said in a news conference.
It also said 89 bodies have yet to be identified, and 16 bodies remain inside the buildings.
Authorities said police will begin entering the Wang Fuk Court buildings on Friday to start gathering evidence, and that an investigation will take place over the next three to four weeks.
Meanwhile, crowds have been gathering at a nearby community hall that has been opened to families looking for missing loved ones. Relatives are being asked to help with the identification process by bringing in family photos.
The Hong Kong government has also set up shelters and support centres for displaced residents. Groups of volunteers have been packing and organising supplies for those affected, including clothing and hygiene products.
The blaze started at 14:51 local time (06:51 GMT) on Wednesday, and by 18:22 local time it had been upgraded to the most serious category by fire officials.
The fire department said the fire started at a lower level before moving upwards, and reached a peak temperature of 500C (932F).
As a result, the blaze reignited in some places after being doused, they said.
One former resident, who moved out earlier this year and only gave his surname, told the BBC: “There was nothing we could do. Together we watched our homes burn gradually.”
The fire spread quickly across the separate blocks due to the presence of flammable netting and other materials on the outside of the buildings.
Firefighter Ho Wai-ho, 37, has been identified as among those killed. He was found collapsed at the scene on Wednesday, about 30 minutes after contact with him was lost.
Twelve other firefighters have also been injured, authorities said.
