The 19-year-old, who was born in Kenya and runs for Bahrain, clocked eight minutes 52.78 seconds, more than nine seconds ahead of Olympic silver medallist Hyvin Kiyeng Jepkemoi of Kenya who finished second.
The previous record of 8:58.81 was set by Russian Gulnara Galkina at the Beijing Olympics eight years ago.
Jebet narrowly missed out on the world record when she won Bahrain's first-ever Olympic gold medal in Rio de Janeiro this month.
It was clear that the world record was in danger after Jebet completed the first kilometre in 2:56.36.
She went through the second kilometre in 5:54.16 compared to
Galkina's split time of 6:01.20 in her record-breaking run in Beijing.
“I tried many times to beat the world record and today we decided to push each other to go for a good time," said Jebet.
“I was not expecting such a big difference with the record. I think I finished my season today.”
(Writing by Brian Homewood; Editing by Tony Jimenez)
