"Yes, I have smoked crack cocaine," he told reporters outside his office.
After months of stonewalling, Ford seemed resigned to telling the truth when he asked reporters to repeat a question they asked him after initial reports of his substance abuse were released in May.
“Do you smoke crack cocaine?” a reporter asked.
“Exactly. Yes, I have smoked crack cocaine,” Ford admitted. “But, no, do I? Am I an addict? No.”
“Have I tried it? Probably in one of my drunken stupors, probably approximately about a year ago,” Ford added.
“I’ve made mistakes… all I can do is apologize and move on,” he said.
"I want everyone in the city to see this tape," Ford said, referring to a video that allegedly showed him smoking crack.
Last week, Toronto police said they had found the tape during investigations into criminal gangs, though they did not confirm its contents.
Reports in The Toronto Star and Gawker claim the video also shows Ford insulting other Canadian politicians.
Ford called on the police to release the video so that the public could view it and judge for themselves.
Earlier on Tuesday, Ford's brother, city councillor Doug Ford, called on Toronto police chief Bill Blair to step down over alleged bias during a press conferece announcing the investigation into the mayor.
Here's the audio of Rob Ford's admission.