"The Bulava was launched from a submerged position in the White Sea toward a target located at the Kura test site on the Kamchatka Peninsula," the source said.
He later said it had successfully engaged its designated target on the Kamchatka Peninsula about 6,700 kilometers (4,200 miles) east of Moscow.
The previous test of the Bulava missile was carried out on September 18.
Russia is planning to adopt new Bulava missiles for service with the Navy and commission the first Borey-class strategic nuclear submarine in 2009.
The Bulava (SS-NX-30), developed by the Moscow Institute of Thermal Technology, is designed for deployment on Borey-class Project 955 nuclear-powered submarines.
The first submarine in the series, the Yury Dolgoruky, was built at the Sevmash shipyard in the northern Arkhangelsk Region and is currently undergoing sea trials.
The submarine has a length of 170 meters (580 feet), a body diameter of around 13 meters (42 feet), and a submerged speed of about 29 knots.
It will be equipped with 16 Bulava ballistic missiles, each carrying up to 10 nuclear warheads and having a range of 8,000 kilometers (5,000 miles).