The 90-minute debate was moderated by CNN's Candy Crowley. The debate happened just three weeks before Election Day in a close race for the White House.
"Most improved -- that award goes to Barack Obama," said CNN Senior Political Analyst David Gergen. "I think he had a much stronger debate tonight."
Romney also performed well for a second straight debate, Gergen said, adding that Obama got the edge on Tuesday night.
A snap CNN/ORC International poll showed 46% of respondents thought Obama won, compared to 39% for Romney. The result was within the survey's margin of error.
TV voters across the world saw an aggressive Obama, who was on a feisty mood from the beginning of the debate. Obama accused his rival of favouring a "one-point plan" to help the rich at the expense of the middle class. Obama was critical of Romney's economic policies from the very start.
Romney retorted back saying, "The middle class has been crushed over the last four years."
The debate witnessed lot of energy and tension. The viewers had a good time watching and observing both the contenders' body language. But both Obama and Romney maintained their calm. The Presidential hopefuls, Obama and Romney, fought over issues such as taxes, measures to reduce the deficit, energy, pay, equity for women and health care issues.
The first high-stake debate between President Obama and Romney mostly discussed on crumbling US economy, which was held on Oct 3.
The third and the last debate between Obama and Romney is slated for Oct 22 in Florida.