The British team posted a time of 3 minutes, 15.669 seconds to break the mark of 3:15.720 that they set at the world championships in April. It was the seventh world record to fall during the first two days of track cycling at the London Games.
The British team was cheered on by a raucous crowd inside the London Velodrome that included Tour de France champion and Olympic time trial gold medallist Bradley Wiggins.
The United States was second-fastest in 3:19.406. Australia and Canada also broke 3:20.