Norwegian jumper Robert Johansson flew 252 metres in Vikersund, breaking the world record of 251.5m set by compatriot Anders Fannemel at the same venue in 2015, before Stefan Kraft bested even that.
The Austrian double world champion and current leader of the overall World Cup standings soared 253.5m and admitted he anticipated a record could be on the cards from the start of the event.
"I knew the ramp in Vikersund can jump pretty darn far," said Kraft. "It was an incredible flight and it was important that I was able to do it.
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"During the flight, I thought 'it's now or never'. I'm totally exhausted but it was incredible."
Kraft's superhuman effort couldn't help Austria finish any higher than third however, as the Norwegian quartet took gold, ahead of Poland.
Image credit: Eurosport
Daniel-Andre Tande, Johansson, Johann Andre Forfang and Andreas Stjernen accrued 172.6 points, with Piotr Zyla, Dawid Kubacki, Maciej Kot and Kamil Stoch notching 1538.6 for Poland.
Kraft and team-mates Michael Hayboeck, Manuel Fettner and Gregor Schlierenzauer finished collected bronze with 1465.4.
The event doubled as the penultimate stage of the Raw Air Tournament, which consists of ten events in as many days in Norway.
Andreas Wellinger of Germany, who came fifth in the team event, remains top of the standings of 1879.5 points ahead of Sunday's individual competition, with Kraft 6.2 points back in second and Stoch in third.
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