Palestinian medical officials said four people were wounded in the strikes, which came after a rocket was fired from Gaza into the city of Sderot without causing any injuries.
"We conducted strikes against several dozen targets in the Gaza Strip" on Sunday, an army spokeswoman told.
The military said it stopped all strikes before midnight, but a journalist in the strip said explosions were heard until about 4:00 am.
Security sources in the territory said several targets in northern Gaza were hit by Israeli fire, and that a reservoir in the city of Beit Hanun was destroyed.
Bases of Hamas's military wing, the Ezzedine Al-Qassam Brigades, as well as of two smaller militant groups were hit, the security officials said.
There were no reports of further attacks Monday.
There was no immediate claim of responsibility for the attack on Sderot.
Since January, 14 rockets fired from Gaza have hit Israeli territory, the military said.
On July 2, Israeli air raids hit four sites in Gaza after a rocket struck a building in Sderot. There were no casualties in either incident.