Sawant shot a score of 597 (100,100,100,99,99,99), equalling the 1998 record set by Marina Bobkova of Russia.
The 29-year-old, who clinched gold medals in the Commonwealth Games Air Rifle event, was level with Poland's Ewa Joanna Nowakowska in the final score but managed to clinch the top honours with a better perfect score tally of 41.
Kazakhstan's Olga Dovgun settled for the bronze with a score of 596.
An elated Tejaswini said she only wanted to give her best in the event and was not event thinking about a medal let alone the world record.
"The way we were training, I thought I would be getting my personal best. I was not thinking about a medal or a world record. Having got both, I can't even explain how I am feeling right now. It's just amazing," the shooter from Kolhapur told PTI from Munich.
"My coaches, including Kazakh coach Stanislav Lapidus, made some plans for me and I am glad that everything worked accordingly," she added.
In Image: Ace shooters Tejaswini Sawant and Gagan Narag who won gold and bronze respectively in their events at the World Championships in Munich, being welcomed on their arrival at IGI Airport in New Delhi on Monday.
Text and Images: PTI