Bao Shanju and Zhong Tianshi crossed the finish line in 31.895 seconds, edging the German pairing of Lea Friedrich and Emma Hinze by 0.085 seconds.
The result marked a second consecutive Olympic gold for Zhong, who took the Rio title with Gong Jinjie five years ago.
Both of China's cycling golds in Olympic history have arrived in the women's team sprint event.
Earlier, Bao and Zhong broke China's own team sprint world record mark with a time of 31.804 in their first round victory over Lithuania.
Wang wins China's sixth weightlifting gold
Wang Zhouyu won the women's 87kg class on the same day to give China its sixth gold medal in weightlifting at the Tokyo Olympics.
The 27-year-old lifted a combined weight of 270kg, a comfortable 7kg more than Ecuador's Tamara Salazar who took silver with 263kg.
Wang led after completing a lift of 120kg at her third attempt in the snatch following an unexpected failure at 115kg on her first attempt.
In the clean and jerk, she failed in a bid to lift 160kg to break her record set at the 2019 world championships.
Gymnastics-Liu leads China to one-two win in men's rings
Liu Yang led a China one-two in the men's gymnastics rings event final at the Tokyo Olympics on Monday, claiming a slim victory over compatriot You Hao.
Greece's Eleftherios Petrounias, winner of the ring gold at the 2016 Rio Games, took the bronze.
Yang's clinical performance and flawless dismount earned him a score of 15.500, a sliver over You's 15.300 and Petrounias's 15.200.
It marks the first time China has topped the rings podium since going one-two at the 2008 Beijing Summer Games.
Equestrian-Britain win team eventing gold medal
Britain's Oliver Townend, Laura Collett and Tom McEwen won team gold in equestrian eventing at the Tokyo Olympics on Monday.
Australia claimed the silver medal, improving on their third place in Rio 2016, and defending champions France took the bronze.
Individual eventing medals will be decided after further jumps later on Monday, with Germany's Julia Krajewski in the lead, ahead of world number one Townend and McEwen.
Germany's Michael Jung, winner of the individual gold in Rio and London, picked up penalty points on the cross-country course on Sunday and is a long way off the medal places as he will start the individual jumps on place eight.
Monday marked the culmination of eventing, sometimes referred to as horse triathlon, with its three tests of dressage, cross-country and show jumping. Men and women in equestrian sports compete on equal terms in the same tests, often beyond the age of 50.
Shooting- Frenchman Quiquampoix and China's Zhang win golds
China's Zhang Changhong grabbed the last shooting gold of the Tokyo Olympics on Monday, putting the icing on the cake with a world record score in the men's 50-metre rifle three positions event.
The 21-year-old aggregated 466 points to eclipse compatriot Yang Haoran's 2018 mark of 465.3 and become the event's youngest Olympic gold medallist.
Russian Sergey Kamenskiy settled for his second successive Olympic silver in the event after tallying 464.2. Serbian Milenko Sebic claimed the bronze.
Earlier, Frenchman Jean Quiquampoix put daylight between himself and rest of the field en route to the gold in the men's 25-metre rapid fire pistol event at the Asaka Shooting Range.
The 25-year-old, who had claimed the silver in Rio, shot 34 in the final to win the gold with a five-point lead over 2012 London champion Leuris Pupo.
