The truce was agreed after Egypt said it had received "simultaneous consensus" from both sides for the truce which began at 21:00 GMT on Sunday.
Israeli officials are said to have agreed to the deal for a new ceasefire negotiated by Palestinians in Cairo after mediation by Egypt.
Israel will send negotiators to the Egyptian capital on Monday if the truce holds, Al Jazeera reported.
Egypt called on both sides to use the lull to "reach a comprehensive and permanent ceasefire".
A previous 72-hour ceasefire brokered by Cairo ended on Friday morning, with the conflict resuming between Israel and Hamas, who run the Gaza Strip.
Israel withdrew from truce negotiations in Cairo on Friday, soon after the previous ceasefire ended in a firestorm of violence.
As of Sunday afternoon, the death toll in Gaza had reached 1,939. According to the UN, about 73 percent of the people killed were civilians.
A total of 64 Israeli soldiers were also killed as well as three civilians on the Israeli side.