Protesters marched down Rothschild Boulevard, a fashionable street which has been the site of a tent city for the last two months. The first tents were a protest against Israel's high housing prices, but the weekly demonstrations have grown to focus more broadly on Israel's socio-economic problems, Al Jazeera reported.
Many carried signs complaining about privatisation - Israel's once heavily state-run economy has been heavily privatised - and official corruption.
Some targeted specific businessmen believed to have benefited from their political connections, like the Ofer brothers, who have extensive holdings in Israel's oil and gas industry.
Tens of thousands also marched in other cities, according to local media reports. At least 50,000 people rallied in Jerusalem and 40,000 in Haifa; more than 50,000 turned out in a half-dozen other cities.
In Tel Aviv, many streets were closed to traffic, and Kikar HaMedina (State Square), the largest plaza in the city, was filled to capacity with demonstrators.
Organisers were unsure how many people would show up for Saturday night's rally. It was billed as the "million man march", and was widely advertised around the city; groups of volunteers, some with signs and drums, walked around Tel Aviv on Saturday afternoon urging people to attend.
'It's going to break apart'
Saturday's turnout erased any doubts that Israelis are still enthusiastic about the movement.
Prime Minister Binyamin Netanyahu appointed a committee to study Israel's socio-economic problems and propose a set of solutions. The committee, led by Manuel Trajtenberg, a professor of economics, is due to present its recommendations later this month.
Trajtenberg has said the government will listen - but his committee's recommendations are non-binding, and many protesters fear Netanyahu will simply ignore them
His right-wing coalition is tenuous, but few analysts think the protesters - and Israel's moribund left-leaning parties - could actually force its demise.
"Sometimes you go for the path and not the end objective," said Ben, an environmental protester whose sign said, "Social justice is environmental justice".
"I doubt we'll see any changes in the next three months," he said. "Maybe over the next few years."
One problem is that few protesters seem to agree on what changes they want. The rallies have grown to include a wide range of movements from across Israeli society. Animal rights campaigners, dairy farmers, gay rights activists.
All of them marched on Saturday night and all have different demands. Dairy farmers would be happy with a reasonable price for their products; Hadash, the Israeli Communist party, wants a more fundamental overhaul of the economy.
Talking about occupation
Dozens of protesters held signs and chanted slogans about the Israeli illegal occupation of the Palestinian territories. "Justice is exiting the territories," one said. Another banner read: "The occupiers demand social justice / The occupied demand justice".
But the vast majority of protesters avoided the issue. The movement's organisers, too, have been reluctant to discuss the occupation, partly out of fear that it will divide what has been a unified movement.
"It's not a mainstream subject," said Gali Erez, sitting on a railing just outside the square. "Most people have a very aggressive reaction when you talk to them about the occupation. It would take time for people to start understanding."