(CNN) -- The records kept tumbling for Michael Phelps Thursday as he beat arch-rival Ryan Lochte to win the men's 200m individual medley.
It was the 16th gold medal of his remarkable Olympic career, but his first in an individual event at the London Games.
The 27-year-old from Baltimore becomes the first man to win gold in the same event at three consecutive Olympics and extends his record breaking overall medals tally to 20.
It came just 48 hours after he won his 18th and 19th Olympic medals to overtake Russian gymnast Larisa Latynina in the all-time list.
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Phelps led from start to finish to hold off Lochte down the final freestyle leg to win in one minute 54.27 seconds, just 0.04secs outside his own Olympic record.
Hungary's Laszlo Cseh claimed the bronze medal.
Lochte had taken bronze behind fellow American Tyler Clary in the earlier final of the men's 200m backstroke and Phelps said his rival for gold would have been feeling that effort.
"That was cool, I knew Ryan (Lochte) would be tough but coming off the 200 back that was a hard double," he told BBC Sport.
Read more on how Phelps considers himself 'normal'
Phelps, who revealed he had received a congratulatory phone call from U.S. President Barack Obama, has two more events to add to his tally before retiring from swimming.
He qualified for the final of the men's 100m butterfly later Thursday by winning his semifinal in 50.86 seconds and will be a member of the American medley relay squad.
Earlier, Rebecca Soni broke the women's 200m breaststroke world record for the second time in two days to win Olympic gold.
Soni won in two minutes 19.59 seconds, the first woman under the magic two minutes 20 second barrier.
Japan's Satomi Suzuki took silver and Russian Yuliyia Efimova earned bronze.
Ranomi Kromowidjojo broke the American dominance by claiming the women's 100m freestyle gold for the Netherlands.
She edged out Aliaksandra Herasimenia of the Belarus with Tang Yi of China taking bronze.
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Michael Phelps throws his flowers to his sister Hilary Phelps after the medal ceremony in the men's 200-meter individual medley final.
Left to right: Italy's Elisa Di Francisca, Arianna Errigo, Ilaria Salvatori and Valentina Vezzali celebrate winning gold during the women's foil final as part of the fencing event.
Great Britain's Zara Dampney, left, and Shauna Mullin celebrate after a point against Doris Schwaiger and Stefanie Schwaiger of Austria during the women's beach volleyball preliminary match.
The Great Britain hockey team lines up for the national anthem ahead of their preliminary match against Belgium.
Shuang Guo of China competes during the women's sprint track cycling qualifying.
Iceland's center back Snorri Steinn Gudjonsson jumps to shoot during the men's preliminary group A handball match with Sweden.
The Netherlands' Ranomi Kromowidjojo reacts to her gold medal win in the women's 100-meter freestyle final swimming event.
LeBron James jumps for two in the first half during the men's basketball preliminary round match against Nigeria. The U.S. team beat Nigeria 156-73, breaking the Olympic record for most points scored in a basketball game.
United States swimmer Elizabeth Beisel competes in the women's 200-meter backstroke semi-finals swimming event.
Spain's Victor Sada scores during the men's basketball preliminary round match between Spain and Britain.
Great Britain's Nate Reinking jumps for a layup in the second half of the men's basketball preliminary round match.
Sweden's center back Dalibor Doder, center, vies with Icelandic players during the men's preliminary group A handball match.
A general view of the beach volleyball competition at Horse Guards Parade in London.
Ella Gunson, left, and Anita Punt, center, of New Zealand challenge Rocio Sanchez Moccia, right, of Argentina during the women's hockey preliminary round match.
The Netherlands' Ranomi Kromowidjojo competes in the women's 100-meter freestyle final swimming event.
Michael Phelps swims to win gold in the men's 200-meter individual medley. Phelps won his 20th career Olympic medal and completed a historic third consecutive 200-meter individual medley Olympic victory.
Italy's Vanessa Ferrari competes in the floor exercise in the artistic gymnastics women's individual all-around final.
Tunisian center Salah Mejri scores during the men's preliminary round group A basketball match against Argentina.
Mizuki Fujii, left, and Reika Kakiiwa, right, of Japan play a shot during their semifinal mixed doubles badminton match against Canada's Michelle Li and Alex Bruce.
Left to right: Italy's Elisa Di Francisca, Arianna Errigo, Valentina Vezzali and Ilaria Salvatori celebrate with their gold medals on the podium of the women's foil final as part of the fencing event.
Tyler Clary celebrates winning gold in the men's 200-meter backstroke final swimming event.
Ryan Lochte competes in the men's 200-meter backstroke final swimming event. Lochte finished with a bronze medal.
Brazilian forward Larry Taylor, left, tries to get past Russian center Timofey Mozgov, right, during the men's preliminary round basketball match.
Great Britain's Rob Parker, center, competes with Tim Hutten, right, of the United States in the men's water polo preliminary match. The U.S. team won 7-13.
Gymnast Gabby Douglas of the United States competes on the balance beam in the women's individual all-around final on Day 6 of the London 2012 Olympics.
Cullen Jones, left, of the United States and Cesar Cielo of Brazil touch the wall at the finish the men's 50-meter freestyle semifinal.
Australia's Becchara Palmer dives for the ball during the women's beach volleyball preliminary match against Brazil.
Gabby Douglas of the United States performs the floor exercise in the gymnastics women's individual all-around final.
U.S. gymnast Gabby Douglas, right, embraces teammate Alexandra Raisman after winning the gymnastics women's individual all-around final.
U.S. gymnast Gabby Douglas competes on the balance beam in the women's individual all-around final.
Pietro Zucchetti, left, and Gabrio Zandona of Italy compete in the men's 470 sailing in Weymouth, England.
Gold medalist Etienne Stott of Great Britain celebrates after the medal ceremony for the men's canoe double slalom final.
Jaroslav Volf, left, and Ondrej Stepanek of Czech Republic compete during the men's canoe double slalom.
Russia's Timofey Mozgov receives an arm to the head as he looks to shoot against Brazil's Tiago Splitter in the second half of the men's basketball preliminary round match.
Great Britain's Chris Hoy celebrates after winning the men's team sprint gold final.
The Danish team competes during the men's 4000-meter team pursuit qualifying round of the track cycling event.
China's Xuerui Li returns a shot against Pui Yin Yip of Hong Kong in their women's singles badminton quarter final.
Competition gets underway in the men's star sailing in Weymouth, England.
Roger Federer of Switzerland serves the ball to John Isner of the United States during the quarter-final of men's singles tennis.
Denmark's Claus Olesen competes in the men's star sailing in Weymouth, England.
Great Britain's Etienne Stott reacts after winning gold in the men's canoe double slalom final.
Sweden's Anton Dahlberg and Sebastian Ostling compete in the men's 470 sailing in Weymouth, England.
Sophie van Gestel of the Netherlands controls the ball during the women's beach volleyball preliminary phase group E match against Germany's Laura Ludwig and Sara Goller.
Great Britain's Philip Hindes celebrates during men's team sprint track cycling qualifying against Germany.
Canada's Marcus David loses control of his horse, Capital, in the dressage preliminaries.
Tunisian forward Makram Ben Romdhane, right, vies with Argentine forward Luis Scola during the men's preliminary round group A basketball match.
Kazakhstan's Gani Zhailauov, left, takes a hit from India's Bhagwan Jai during the men's lght bxing.
Italy's Carlotta Ferlito competes on the balance beam in the artistic gymnastics women's individual all-around final.
Serbia's Novak Djokovic celebrates after defeating France's Jo-Wilfried Tsonga in the men's singles tennis quarter-finals.
Romania's Sandra Raluca Izbasa performs on the uneven bars during the artistic gymnastics women's individual all-around final.
Ivan Kljakovic Gaspic of Croatia competes in the men's Finn sailing on Day 6 of the London 2012 Olympics.
Australia's Joe Ingles tries to score against China's Wang Zhizhi, left, and Yi Jianlian during a men's basketball preliminary round.
Jin Ma, left, and Chen Xu of China celebrate their victory over Indonesian foes in a mixed-doubles badminton semifinal.
Naomi van As of the Netherlands hugs teammate Eva de Goede after their team defeated China in a women's field hockey preliminary match.
Italy's Valentina Vezzali is exuberant after beating France's Astrid Guyart in the women's foil team fencing semifinal.
Dorothee Schneider of Germany rides Diva Royal in the dressage grand prix in Greenwich Park in London.
Victoria Azarenka of Belarus celebrates after winning in the women's singles tennis quarterfinals against Angelique Kerber of Germany.
Croatia's Marko Kopljar disappears behind the ball during a men's preliminary handball match between Croatia and Hungary.
Germany's Dimitrij Ovtcharov serves during a men's singles table-tennis bronze medal match against Chih-Yuan Chuang of Taiwan.
Mongolia's Tuvshinbayar Naidan celebrates his victory in the men's under 100-kilogram judo event.
Denmark's Caroline Wozniacki serves to Serena Williams of the United States during the women's singles tennis quarterfinals.
Britain's David Florence, left, and teammate Richard Hounslow compete in the men's canoe double semifinal.
Chih-Yuan Chuang of Taiwan celebrates a point during the men's singles table-tennis bronze medal match against Germany's Dimitrij Ovtcharov.
Mayra Aguiar of Brazil, in white, and Kayla Harrison of the United States compete in the women's under 78-kilogram judo event.
French centerback Nikola Karabatic, left, vies with a Tunisian opponent during a men's preliminary handball match.
Britain's Carl Hester rides Utopia in the dressage grand prix at Greenwich Park in London.
Brazil's Emanuel Rego lands after saving a ball during the men's beach volleyball preliminary phase match against Italy.
Bulgarian volleyball players, from left, Georgi Bratoev, Todor Aleksiev and Nikolay Nikolov wait for the serve in the second set against Australia.
Australian forward Joe Ingles jumps to score during the men's preliminary basketball match between Australia and China.
France's Laure Manaudou competes in the women's 200-meter backstroke heat.
Brazil's Mayra Aguiar, in white, and Daria Pogorzelec of Poland compete in the women's under 78-kilogram judo event.
Hungary's Richard Bognar fires his rifle in the men's double trap qualification round at the Royal Artillery Barracks in London.
U.S. swimmer Missy Franklin competes in the women's 200-meter backstroke heat.
South Korea's Jeong Han shoots during the men's preliminary handball match against Spain.
Britain's Bill Lucas and Sam Townsend appear downcast after finishing the men's double sculls final.
Katelyn Falgowski, right, of the United States goes after the ball with Fiona Boyce of Australia during a women's field hockey preliminary match.
South African rowers celebrate after winning the gold medal in the men's lightweight four final A rowing event.
Switzerland's Dominik Meichtry competes in the men's 100-meter butterfly heat.
Sizwe Ndlovu of South Africa celebrates after he and his team won the gold in the lightweight men's four final rowing event.
The U.S. team competes to win the gold medal in the women's eight final rowing event.
Andy Murray of Great Britain celebrates after defeating Nicolas Almagro of Spain in the men's singles tennis quarterfinal.
Michael Phelps of the United States competes in the men's 100-meter butterfly heat.
The U.S. rowing team throw Mary Whipple into the water as they celebrate winning gold in the women's eight rowing event.
France's Laure Manaudou competes in the women's 200-meter backstroke heat.
Britain's Peter Robert Russell Wilson competes in the men's double trap shooting qualification.
Belinda Hocking of Australia competes in the women's 200-meter backstroke heat.
Dorothee Schneider of Germany competes in the dressage grand prix.
Chinese forward Zhu Fangyu bleeds during a men's preliminary round basketball match between China and Australia.
Italy's Greta Cicolari serves during a beach volleyball preliminary match against Canada.
Australia's Aidan Zingel, left, spikes next to teammate Harrison Peacock during a men's preliminary volleyball match against Bulgaria.
Italy's Marta Menegatti dives for a shot during a beach volleyball preliminary match against Canada.
Bulgarian volleyball players, from left, Georgi Bratoev, Viktor Yosifov and Todor Aleksiev attempt to set during a preliminary match against Australia.
Yong Dae Lee, right, and Jae Sung Chung of South Korea celebrate their win over Indonesian opponents in the men's doubles badminton quarterfinal.
South Korea's Park Mi-hyun casts a shadow on the Olympic Rings during a women's field hockey preliminary match against Japan at the Riverbank Arena.
Shaimaa Elgammal of Egypt watches from the sidelines during a women's foil team fencing round against Great Britain on Thursday.
South Korea, in red, and Japan do battle during the women's field hockey match Thursday.
Dimitrij Ovtcharov of Germany serves during a men's table-tennis singles semifinal match.
Dimitri Peters of Germany competes in the men's under 100-kilogram judo match.
Khatuna Lorig of the United States takes a shot in the women's individual 1/8 elimination archery event.
Mathias Boe, left, and Carsten Mogensen of Denmark celebrate their victory over Taiwan during the semifinal men's doubles badminton match.
South Korea's Junggeu Park jumps to shoot during a men's preliminary handball match against Spain.
Competitors dive into the pool at the start of the men's 50-meter freestyle heat.
South Korea's Hwang Hee-Tae gets treated for an injury during a men's under 100-kilogram judo contest match.
Cesar Cielo of Brazil reacts after finishing in the men's 50-meter freestyle heat eight.
Lithuanian forward Darius Songaila, left, tries to score against French center Ronny Turiaf during a men's preliminary round basketball match.
Cullen Jones of the United States swims in the men's 50-meter freestyle heat.
Aleksandar Atanasijevic of Serbia spikes the ball against Denys Kaliberda and Marcus Bohme of Germany.
Katie Ledecky of the United States competes in a women's 800-meter freestyle heat.
New Zealand's Chris Harris, Sean O'Neill, Jade Uru and Tyson Williams react after finishing the men's four semifinal rowing event in Windsor, England.
Akane Shibata of Japan takes a shot during the women's hockey preliminary match between South Korea and Japan.
Fans fill the stands for rowing events at Eton Dorney in Windsor, England.
South Korea's Lee Sung-Jin competes in the women's individual 1/8 archery elimination match at Lord's Cricket Ground.
Dimitri Peters, in white, of Germany and Jevgenijs Borodavko of Latvia compete in the men's under 100-kilogram judo match.
Ahmed Al Hatmi of Oman competes in the men's double trap shooting qualification round. Check out photos from Day 7 of the competition from Friday, August 3.
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