Jamieson, from Glasgow, broke the British record with a time of two minutes, 7.43 seconds. He beat the record he had set in the semi-final – two minutes, 8.20 seconds.
The 23-year-old had finished first in the semis, raising hopes of a second swimming medal in the pool for the host nation following Rebecca Adlington’s bronze.
In the final, he achieved the third fastest time in history – beaten by the Hungarian Daniel Gyurta, who managed a new world record.
Team GB’s Andrew Willis, who set an English record of two minutes, 8.47 seconds in his semi-final, finished eighth.
Jamieson told the BBC after his victory: “I loved it. I had a little more to give after last night. It’s so much easier to swim with a bit of confidence behind you.
“I was desperate to get on the podium tonight to repay the faith and support we’ve had. I forgot about the time tonight – it was more tactical. I tried to stay on Gyurta’s shoulder for the first hundred. I wanted to have everything on the line.
“I had planned for this night and that helped with the nerves beforehand. For so many years I have gone over this in my head.”