Wu led all but one round of the five-dive final, totalling 414.00 points. She tied retired countrywoman Guo Jingjing with six medals. Wu and partner He Zi also won the three-metre synchronized title in London.
He took the silver with 379.20, giving China its sixth diving medal of the games, including five gold after sweeping the synchro events.
Laura Sanchez Soto of Mexico earned the bronze at 362.40.
Tania Cagnotto of Italy missed a medal by only 0.20 points, leaving her without any hardware in four Olympic appearances. She was competing 40 years after her father and coach, Giorgio Cagnotto, dived in the games and earned four medals.
The U.S. run of podium finishes ended with the seventh-place result of Cassidy Krug. Her teammate, Christina Loukas, was eighth. The U.S. won medals in three of the four synchro events after being shut out of medals at the last two games.
Krug was third after three rounds, but she fell to fourth and then seventh on her last dive. She didn't quite get rotated far enough around on a forward 2 1/2 somersault with one twist pike, earning only 55.50 points.
Loukas, a two-time Olympian, was never higher than seventh in the final. She finished ninth four years ago.
Wu earned the highest score in the final round. Her back 2 1/2 somersault pike received the only perfect 10 of the final, along with 9.5s, to total 85.50 points.
Diving second-to-last, Cagnotto had the second-best score on her last dive. She hit a reverse 2 1/2 somersault pike for 8.5s, but the Italian quickly realized it wasn't enough to lift her onto the medals podium.
Cagnotto covered her face with her hands. She got in the hot tub and put her face in the water. She climbed out shaking her head and walked over to her father, who enveloped her in a hug.
He moved into first after two dives, hitting a forward 3 1/2 somersault to outscore Wu 83.70 to 79.75 in the round. But Wu bounced right back and reclaimed the lead on the same dive that He did in the previous round. Wu scored 85.25 and went on to improve her scores in the last two rounds.
Sharleen Stratton of Australia was fifth.
Emilie Heymans of St-Lambert, Que., the first diver to win medals in four consecutive games, was last in the 12-woman final. She had won a bronze with Jennifer Abel in three-metre synchro in London. Abel, from Laval, Que., ended up sixth.