The four-hour mark was also eclipsed for the first time in the event's nine-year history, by winning individual Dougal Allan, of Wanaka, who completed the course in 3hr 55min.
Organiser Danielle Nicholson said the event attracted 15% more competitors this year, with 38 people completing the course as individuals.
The six-stage race of skiing, mountain biking, kayaking, running, road cycling and more mountain biking took place in excellent spring conditions and went without a hitch, she said.
Allan was hotly pursued throughout the race but managed to break away from 2008 champion Gavin Mason during the 9km run at Glendhu Bay.
Mason eventually gave up 14 minutes to Allan but produced a personal best time.
Tim Pearson, of Clyde, the 2005 champion, was third in 4hr 12min.
He won a special prize for effort as he had still not learned to ski since any of the other times he has raced the Mountain 2 Mountain.
This year, Pearson descended Treble Cone on a snow-scooter, which he fell off several times, and was the last skier to get on to his mountain bike for the downhill stage.
Dunedin's Hannah Thorne (4hr 43min) won the women's individual race from Wanaka's Jo Williams (4hr 50min).
Both women produced personal best times.
Josie Cederman, of Queenstown, was third in 5hr 26min.
Mt Aspiring College pupil Harry Llewellyn shone in the schools individual category, completing the course in 5hr 1min.
Veterans Ray Hope (4hr 11min), of Dunedin, and Nicola McAra (5hr 42min), of Invercargill, won their categories.
