The 24-year-old, who had won two consecutive Olympic titles by clearing six metres, established an Olympic record of 6.10m on his second attempt.
And he improved his world record of 6.24m, which he set in April, by one centimetre on his third and final attempt, much to the joy of the audience at the Stade de France.
The two-time world champion has broken the record nine times.
Duplantis, the first athlete to retain the pole vault title since American Bob Richards in 1952 and 1956, dashed to see his friends and family after setting the world record.
He then took a lap around the track covered in the Swedish flag while Abba’s ‘Dancing Queen’ played over the stadium’s sound system.
“I haven’t processed how fantastic that moment was,” Duplantis added. “It’s one of those things that doesn’t feel real. It’s an out-of-body experience.
“My biggest desire since I was a kid was to break the world record at the Olympics, and I was able to accomplish so in front of the most insane crowd I’ve ever competed in front of.