After Kenyatta was declared the victor last month by 54% to 45% over Odinga, sporadic violence erupted in some areas, claiming the lives of at least 24 people.
Odinga has called for the election commission to resign and for some officials to face criminal prosecution.
Kenyatta criticized the court for ignoring the will of the people and called the chief justice's colleagues "crooks".
He claimed the electronic voting results were hacked into and manipulated in favour of Kenyatta, who had won a second term with 54 per cent of the vote.
He said the verdict was backed by four of the six Supreme Court judges.
Opposition supporters broke into celebration outside the court as well as in opposition strongholds as the judgment was announced on Friday.
The Kenya Magistrates and Judges Association said it took "great exception" to Kenyatta's remarks.
The court voted 4-2 to nullify Mr Kenyatta's election, saying they found the electoral commission had performed irregularities and illegalities in adding up the presidential vote.
What did the judges say was wrong?
Mr Kenyatta, however, has said the electoral commission should not be interfered with and warned against taking action on the Independent Electoral and Boundaries Commission.
The opposition leader wants some of the commission's officials to be prosecuted, arguing that without changes the new vote will be no different from the one last month. He also disputed the 2007 election result, leading to ethnic battles across the country that left about 1,500 people dead and have haunted the country since.
Global election observers said at the time that they had seen no interference with the August poll, which saw Mr Kenyatta win a second term with 54 per cent of the vote.
"Sell-side pressure has spilled over into this week and the market, with just one or two exceptions, is a sea of red". It is a very good example for the electoral process on the African continent, " he said.
He said: "It is now clear that the entire [electoral commission] is rotten".
Kenyan shares are still up more about 24 percent this year, mainly because of an emerging market rally that has spilled over into frontier markets, traders said.
And judging by the vote on August 8, Uhuru Kenyatta is seen as the favorite to win the next 2017 Kenya presidential election, whenever it might be held. "Your neighbor will still be your neighbor regardless of whatever has happened". "Let us be people of peace". The elections on August 8 and statistics's announcement were signed by violent protests of Odinga's opponents who caused 28 deaths in this capital and other interior cities. He warned the chief justice that as the poll had been annulled he was now the president again, not president-elect. She certainly understands her country much better than I do.
"We are keeping a close eye on them".
Attention now turns back to the election board. "We are not afraid".