Mr Orban’s ruling Fidesz party is projected to win 134 seats, which would give it a two-thirds majority in the 199-seat Hungarian parliament.
The right-wing nationalist Jobbik Party was coming in second with 19.9% of the votes (27 seats).
The alliance of the left-wing Socialist and Dialogue parties had 11.8%, which would give them 19 deputies in parliament.
Some 74.6% of the votes have been counted and turnout was 68.8%.
Mr Orban has been accused of fuelling xenophobia but has also been praised for keeping the country’s budget deficit under control, reducing unemployment and debt and growing the economy.
He had avoided public debates with opponents or interviews with independent media and had instead spoken to supporters at carefully-managed events.
Sky’s correspondent Michelle Clifford said that there has been thousands of people still queueing to cast their votes when polls closed.
The preliminary results showed Fidesz may have achieved a better result than in 2014, she added.
She said: “Viktor Orban was always predicted to win a third consecutive term – they call him the strongman of Hungary, they believe he protects the borders.”
Clifford added that the opposition parties were “very fractured”, despite some efforts to bring them together to fight against Mr Orban.
“It’s not just a lot of people in Hungary who are worried (about Mr Orban’s anti-migrant agenda).
“Many across the EU and in Brussels are worried he will galvanise the right-wing leaders.”
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