World champion Carmelita Jeter of the USA was second in 10.78, with Jamaica's Veronica Campbell-Brown third in 10.81.
Fraser-Pryce said: 'It's completely different to Beijing (2008 Games) because there I was inexperienced.
'I was young and I never believed I could win. This time I was a bit nervous but I believed in God and I trusted him to carry me through.'
Britain, meanwhile, won three gold medals in one Athletics session for the first time in Olympic history as Jessica Ennis, Greg Rutherford and Mo Farah delighted a capacity crowd of 80,000.
Ennis claimed a commanding victory in the Heptathlon, and Rutherford then leapt to victory in the Long Jump.
The 25-year-old's winning jump of 8.31m came at precisely the same time as Ennis was being introduced to the crowd before her final event, the 800m.
And Farah then rounded off an astonishing evening with a blistering last lap in the 10,000m, completing it in 53 seconds to take gold ahead of training partner Galen Rupp of the USA.
Ennis said afterwards: 'I can't believe I've had the opportunity to come to my first Games in London and won an Olympic Gold medal. It's unbelievable.'
Rutherford took the lead in the second round with a jump of 8.21m and then jumped 8.31m in the fourth round to extend his lead.
'I don't think I'll ever get bored of hearing that,' Rutherford said after being reminded he is now an Olympic champion. 'That is the most amazing feeling in the world.'
This is the best moment of my life.Mo Farah
World 5,000m champion Farah described his victory as the 'best moment of my life'.
'I've never experienced something like this, it doesn't come around that often and to have it on your doorstep with that amount of people supporting you and shouting your name...it's never gonna get any better than this,' Farah said. 'This is the best moment of my life.'
Sandra Perkovic threw a Croatian national record of 69.11m to win the women's Discus title, while China's Chen Ding strolled to gold in the men's 20km Race Walk.