Olympic Champion Isinbayeva, 25, won her second World Championship title by clearing 4.80 meters (15.75 feet).
The Russian athlete also used three more attempts to break the World Record of 5.01 meters (16.43 feet), which she herself set at the 2005 World Outdoor Championship in Helsinki.
Feofanova and Katerina Badurova, the silver medalist of the championship from the Czech Republic, both cleared 4.75 meters (15.58 feet). However, the Russian was given the bronze for clearing the mark in her second attempt, while Badurova did it on her first.
Isinbayeva, who became the first woman in the world to vault clear at 5.01 meters (16.4 feet), was twice named Athlete of the Year by the International Association of Athletics Federations (IAAF), in 2004 and 2005.
She is currently the holder of 13 outdoor and seven indoor World Records in Pole Vault.