In a breathtaking display of power rugby, the Fijians ran in five tries to take a 29-0 lead at halftime before taking their collective foot of the gas a little and adding only two more after the break.
Skipper Osea Kolinisau, Jerry Tuwai, Jasa Veremalua, Leone Nakarawa, Vatemo Ravouvou, Josua Tuisova and Viliame Mata all scored tries as Fiji collected its first Olympic title at its 14th Games.
The shellshocked British failed to even get out of their own half in the opening period and when Dan Norton finally touched down for their only score it was only ever going to be a consolation.
"They just attacked everything, they went for everything and it all paid off," said Britain's James Rodwell.
"That's how it goes sometimes, that's rugby sevens and they're one of the best there is.
"They've won the world series for the last two years and now they've added an Olympic gold medal so credit to them, they had an absolute blinder."
Japan's remarkable run at the tournament, which included victories over the All Blacks and France, came to an end with defeat to the Fijians in the semi-finals earlier on Thursday.
Their hopes of having a bronze medal to show for their giantkilling exploits were crushed by South Africa, who ran out 54-14 winners in the opening medal match.
They were the first men's rugby medals awarded at the Olympics since the 1924 Paris Games, where the United States won gold in the 15-a-side game.
New Zealand, who have dominated sevens for much of the last two decades but were sent out of the tournament by the Fijians in the quarterfinals on Wednesday, finished fifth.
Public holiday announced
Fiji Prime Minister Frank Bainimarama announced a further day of public holiday for the Pacific Island nation today.
Bainimarama attended every day of the three-day competition, shunning the VIP area to sit with Fijian fans in the stands.
Speaking after his country claimed gold, the Prime Minister said there would be at least one more day of public holiday after three this week.
"They're all celebrating [back home], they've been celebrating for the last three days," he said.
"We've got celebrations programmed for when [the team] return ... We are all proud to be Fijians right now."
With a population of around 900,000, Fiji has long punched above its weight in international rugby, particularly in the sevens game which rewards the pace, power and skill of its distinctive brand of play.
Bainimarama said the inclusion of rugby in the Olympics this year for the first time since 1924 had "propped up" smaller nations like his.
Referring to Fiji's previous rugby triumphs, including back-to-back wins at the world series in the last two years, he said: "They were not like this one, this is the Olympics."
He also hinted there would be rewards for Fiji's players and British coach Ben Ryan but hoped his country would soon get back to work after the appropriate amount of celebrating.
"Our productivity has been nil in the last couple of days, but hopefully the GDP will go in up in the next couple of weeks," he said.