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The quartet smashed the previous world mark of 37.40 seconds set by the United States at the 1992 Olympics by a huge margin to set a new benchmark of 37.10.
Nesta Carter ran a strong first leg before passing the baton to Michael Frater, who handed on to Bolt before Asafa Powell brought it home.
Trinidad and Tobago took silver with Japan coming home for bronze.
The run was quicker than the previous record, twice ran by a US team - first in 1992 in Barcelona and also in 1993 in the world championships in Stuttgart.
Bolt has dominated the sprints in Beijing in his breakthrough season capturing the 100m and 200m titles in new world records.
Bolt, who clocked 9.96 seconds on his leg, told the BBC: "I asked the guys for it and they said 'yes, we're going out there to do it'.
"I'm just happy and grateful because we worked hard for it."
Powell, who lost his 100m world record to team-mate Bolt, was satisfied to come away with a medal after finishing fifth in the sprint final.
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