Chinshanlo lifted 131kg in the clean and jerk - a new Olympic and world best - to set a total 226kg - another Olympic record.
The reigning world champion, who turned 19 this week, had earlier produced a snatch of 95kg.
Chair of the London 2012 Organising Committee, Sebastian Coe, was watching and said afterwards: 'You don't see world records every week. It was a fantastic piece of sport.'
Hsu Shu-Ching, from Chinese Taipei, edged silver ahead of Republic of Moldova's Cristina Iovu by the slimmest of margins.
Having tied with a total of 219kg, Hsu's marginally lighter bodyweight saw her push Iovu into the bronze-medal position.
In the morning's 53kg Group B, Vietnam's Thi Thuy Nguyen edged Yu Weili, from Hong Kong, also by the virtue of a lighter bodyweight after they both tied on a total of 195kg.
They sealed eighth and ninth place respectively following the Group A competition.
Chinshanlo was congratulated by Kazakhstan president Nursultan Nazarbayev at the ExCeL after being presented with the gold medal.
'He came and said congratulations, but I won't tell you how much money he will give me. I am afraid I will be robbed,' laughed Chinshanlo.
Hsu was also overjoyed to be heading home with a silver medal. She said: 'I am so happy I don't have the words to describe it.'
Third-placed Iovu claimed Moldova's first-ever Weightlifting medal.
'I am very, very happy, I couldn't be happier,' she said. 'Of course it would have been brilliant to come second but it was difficult and the weights were heavy.'