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The 23-year-old South African clocked 47.04secs to win comfortably from Paralympic bronze medallist Ian Jones of Great Britain, improving his global best by 0.45secs.
Pistorius set the previous record of 47.49 in winning the Paralympic gold medal in Beijing in 2008.
A four-time Paralympic champion, Pistorius set a 46.02 personal best against able bodied competition in Italy last month, and again dipped under 47secs in the able-bodied B-race in London on Friday night, placing seventh in 46.93.
Those times, however, cannot be considered for world record purposes as Pistorius must compete against athletes in his disability class for a mark to be considered.
But his performance on Saturday easily bettered his previous T44 standard as he continues to stretch the gap between himself and the rest of the world in his class.
World Championships 1 500m semifinalist Peter van der Westhuizen was disappointing in the men's mile on Saturday, falling more than 10 seconds short of his personal best.
The 25-year-old placed 13th and last, clocking 4:05.52, in a race won by Kenyan Augustine Choge in a personal best 3:50.14.
Commonwealth 400m hurdles champion LJ van Zyl was also well below his best on Friday when he finished eighth in his event, also trailing the rest of the field, in 50.64secs.
Van Zyl was almost three seconds slower than his career record and finished 2.52secs behind American Bershawn Jackson, who won in 48.12.
The next Diamond League meeting, the penultimate leg of 14 this season, will be held in Zurich on August 19.
