Wang ended with silver at the two previous showpieces, in Beijing 2008 and Athens 2004.
And the 28-year-old failed to go one step further again, meaning he will likely end his glittering career without winning all of the biggest prizes in the sport.
Both athletes entered the final knowing they could become only the fourth man to complete the Slam of World Cup, World Championships and Olympic success.
Zhang follows in the footsteps of countrymen Liu Guoliang - who now coaches China's men - and Kong Linghui as well as Sweden's Jan-Ove Waldner.
The 22-year-old Zhang came out on top, romping to a 4-1 (18-16, 11-5, 11-5, 10-12, 13-11) success and, in the process, becoming the youngest player to achieve the feat.
As a result, China is now halfway to its target of winning every Table Tennis gold on offer, with the Team events to come.