Tola, the 2022 World Championships marathon gold medalist, powered home to take the tape in a time of 2 hours 4 minutes and 58 seconds, shattering the old course record of 2:05:06 set by Geoffrey Mutai in 2011.
Kenya's Albert Korir was second after completing the race in 2:06:57 while Ethiopia's Shura Kitata was third.
Kitata completed the race in 2:07:11.
In perfect conditions, Tola bided his time before taking control of the race at around the 30-kilometer mark.
The 32-year-old then turned on a decisive burst of speed over the last 10 kilometers to claim his first victory on the World Marathon Majors circuit.
His previous best performances were third place finishes at Tokyo in 2022 and London earlier this year.
The win marked a stunning return to form for Tola, who lost his World Championship marathon crown in Budapest in August after failing to finish the course.
"I'm very happy — this is the first time I've won a major marathon which is very important to me, and also a course record," Tola told ESPN after the race.
While Tola conjured a record-breaking run to claim the men's crown, the anticipated fast race in the women's event failed to materialize.
A stacked field which included Boston Marathon champion Obiri, Gidey and Brigid Kosgei, the third fastest woman in history, was widely expected to set a potentially record-breaking pace.
However, the race became a slow tactical battle, with a group of around 11 runners bunched together up to the 32-kilometer mark.
The pack eventually thinned out in the final stages with Obiri, Gidey and defending champion Sharon Lokedi the front-runners through 40 kilometers.
Obiri and Gidey then dropped Lokedi for a thrilling duel over the final 500 meters, with Obiri holding off 10,000m world record holder Gidey to take the line in 2:27:23.
Gidey finished just behind in 2:27:29, with Kenya’s Lokedi third in 2:27:33.
Obiri said she had taken a patient approach to her victory.
"I was a bit worried because the other ladies were so strong. But a marathon is about patience," she told ESPN.
"So I said, 'Okay, let's be patient until we get to Central Park' and then see what will happen at the end," she added.