The 32-year-old on Friday clocked 14 minutes 26.17 seconds to beat the previous mark held by Gabriela Szabo of Romania by more than 14 seconds, Xinhua news agency reported.
Kenya's Hellen Onsando Obiri took silver in a personal best 14:29.77 with Ethiopa's Almaz Ayana grabbing bronze in 14:33.59.
Mercy Cherong of Kenya was fourth and Ethiopia's Senbere Teferi, runner-up in the event at 2015 world championships, was fifth.
Cheruiyot claimed silver in the 5,000m at the London 2012 Games. Her victory on Friday was her second medal at these Games, having also taken silver in the women's 10,000m, which was won by Ayana.
