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The former bureaucrat has come a long way. He was previously seen as someone who lacked the political acumen needed to weather the rough-and-tumble of Taiwanese politics.
However, by capitalising on his wholesome image and mass appeal, the opposition Kuomintang's (KMT) poster boy has made it to the final lap of the leadership race. The Harvard-trained lawyer is even leading his Democratic Progressive Party (DPP) rival Frank Hsieh, a seasoned veteran.
In the politically-jaded island, the genteel 58-year-old still turns heads and elicits gasps. Even the acerbic Taiwanese media has largely spared him the scrutinising glare.
But his appeal is not just about good looks, say observers. It reflects a general yearning for honest, pragmatic leadership, following eight years of vicious politicking and controversial rule under President Chen Shui-bian.
Mr Ma's more conciliatory approach on cross-strait issues differs from Mr Chen's provocative stance which has upset China and the US.
While Mr Chen suffered from a graft-tainted reputation, Mr Ma carefully cultivated his 'Mr Clean' image. His graft-buster title - one which he earned during his days as justice minister - is so deeply entrenched that he was relatively unscathed in a corruption scandal last year.
His thrifty ways also contrasted with the more extravagant lifestyle of the presidential family. He has worn the same watch - an Omega from his father-in-law - for more than 20 years. His wife still takes the bus to work at the bank.
And unlike the glib-tongued Mr Chen, he is known for 'recycling' carefully rehearsed answers, including jokes.
Still, some voters are asking: Is Mr Nice tough enough to deliver?
'He is a decent guy. I think he can do a good job during stable times,' said Ms Bess Huang, 42, an education consultant.
'But Taiwan is facing tough challenges. We need a dynamic leader who can steer us out of the difficult times. Is he up to the job?'
Political mettle is something Mr Ma has yet to prove, say observers.
He has had a relatively smooth-sailing career. Fresh from Harvard, he returned to Taiwan to work as the English interpreter for former president Chiang Ching-kuo at the recommendation of his KMT official father.
And unlike Mr Hsieh who had to battle his way into the presidential race, Mr Ma is the only serious contender in KMT - and some say the opposition's only hope to clinch the presidency.
Some critics have dismissed him as more style than substance, pointing to his mixed track record during his eight-year term as Taipei mayor. During the 2003 Sars outbreak, he had drawn flak for not reacting swiftly to contain the virus. His leadership and crisis management were also thrown in doubt when a typhoon caused massive flooding in Taipei in 2004.
According to a poll on governance conducted by the Commonwealth magazine, his ranking had dropped from the top spot in 2004, to eighth place in 2006.
His lack of political savviness also showed when he struggled to deal with the various factions after he took over as KMT chairman in 2005. Eager to shun controversies, the ever-cautious Mr Ma - who is nicknamed 'Mr Teflon' - often gave non-committal answers when pressed on sensitive issues.
Because of his mainlander family background - his parents were born in China - he has been somewhat evasive on the issue of Taiwan's political ties with China. Unlike former KMT chairman Lien Chan who held several high-profile meetings with Chinese leaders, Mr Ma has stayed away from the mainland for fear of being accused as too China-friendly.
But by trying too hard to play it safe, he has come across to some as buck-passing.
'I think even among KMT supporters, Mr Ma is seen as somewhat indecisive,' said Professor Shih Cheng-feng of Taiwan's National Dong Hwa University.
These weaknesses may prove damaging when Mr Ma comes head-to-head with experienced presidential contender Mr Hsieh.
Targeting Mr Ma's weak spot, Mr Hsieh has questioned if Taiwanese want a president 'who always says 'I don't know' or 'I have no opinion' '. No doubt Mr Nice will have to do something about that to become Mr President.
