Leader Jeremy Corbyn said he had done "everything I could" to get Labour into power but expected to stand down "early next year", after a successor has been chosen by the party.
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He said the general election had been "taken over by Brexit", the issue on which Mr Johnson campaigned most vociferously - but other figures in the party have disagreed over the reason.
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Shadow chancellor John McDonnell promised to "learn lessons and we'll listen to people" during the debate over the future of the party and its next leader.
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"My fear is that we're in for the long haul now, possibly five years," he added.
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Latest updates after Tory election win
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Sir John Curtice: What's behind the Conservative victory?
Labour's Helen Goodman, who lost the seat of Bishop Auckland to the Conservatives, told BBC Radio 4's Today programme that "the biggest factor" in Labour's defeat "was obviously the unpopularity of Jeremy Corbyn as the leader".
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However, the Labour MP for York Central, Rachel Maskell, said: "We've all got to take responsibility... I don't think apportioning blame to a complex situation in a simplistic way is really the way to approach this."