The Russian team of Nikita Lobintsev, Yevgeny Lagunov, Danila Izotov and Alexander Sukhorukov finished the relay with a time of 7:03.70.
U.S. swimmer Michael Phelps, who swam first securing his team a strong lead-off, also won gold in the 200m Freestyle on Tuesday, his fifth gold medal in Beijing and 11th overall, making him the most decorated Olympian of all time.
Australia took the bronze medal in the 4x200m Freestyle Relay.
Australia's Stephanie Rice won the Olympic Women's 200m Individual Medley with a time of 2:08.45 on Wednesday, breaking her own record of 2:08.92.
Olympic highlights on Wednesday also included a new record time of 1:54.82 in the Women's 200m Freestyle final, set by Italy's Federica Pellegrini.