Im Dong-hyun broke his own 72-arrow mark of 696 by three points and was also part of a record in the Team shoot.
Alongside Kim Bubmin and Oh Jin-hyek he helped register a 216-arrow total of 2,087 - smashing the world record by 18 points.
The day's shooting got under way in perfect conditions at Lord's Cricket Ground, with the Korean trio setting the standard from the off.
They took the three top seedings, with world number two Im again leading the way, breaking the world record for the third occasion since the London 2012 test event.
Despite rain affecting the second half of the ranking shoot, Im still finished with a superb 699.
Kim was just one point behind with 698 and Oh closed with 690.
The top five was rounded out by Great Britain's Larry Godfrey, who recorded a personal best of 680, and Japan's Takaharu Furukawa one point further back.
World number one Brady Ellison of Team USA came 10th with a total of 676 and Ukraine's reigning Olympic champion Viktor Ruban was down in 43rd with 660.
The women's team, consisting of Bo Bae Ki, Lee Sung-jin and Choi Hyeonju also topped the standings after shooting a combined 216-arrow score of 1993.
Ki, the world number two, and Lee, the number 28, were tied at the top of the individual standings with 671 from a maximum 720.
They were joined at the head of the scoring by Tan Ya-ting of Chinese Taipei, who also recorded 671, leaving the top three places to be determined by the number of 'inner 10s' scored by each athlete.
Ki came out top, followed by Lee and Tan.
The world's top-ranked women's archer, India's Deepika Kumari, had to settle for eighth place in the rankings, while world number three Yuting Fang was way back in 25th.
The USA, late qualifiers for the Games, had a good day, finishing second in the Team rankings.
Khatuna Lorig was fourth overall with 669, with Miranda Leek (656) and Jennifer Nichols (654) bringing the team total to 1979.
Chinese Taipei were ranked third overall with a combined score of 1976, with Mexico's 1974 good enough for fourth.
The top four teams all receive a bye to the quarter-finals of Sunday's elimination phase.
The first knockout round sees India play Denmark, Japan up against Ukraine, Host Nation Great Britain against Russia and China against Italy.
After the team medals are decided on Sunday, the individual knockout begins on Monday with the round of 64. The finals then take place on Thursday.