Bevin, 23, rode in a lead group of four riders on Saturday before making a break with about 20km to go. He held on to his lead and crossed the finish line about two minutes ahead of second place.
Aucklander Mike Northey (3:41:53) finished second and Fraser Gough (3:41:56) from Havelock North finished third, and first in the under 23-age group.
Bevin said it was a great feeling to win his hometown event.
"Yeah, really happy, it was my home race so I have a soft spot for this race," he said. "It is a real buzz, not too many guys get to have a big race in their own backyard."
He said he had grown up learning his trade as a road cyclist on many of the same roads used on the course around Lake Taupo.
Bevin said he was not really thinking about the record during the race but was stoked to hear he had broken it.
He has been in scintillating form since returning from the Commonwealth Games in July.
In recent months, he has won the Tour of Canberra, Tour of Tasmania and the Criterium National Championships.
"In a sport that has plenty of ups and downs it is great to have a good year - it has been a very positive year for me," he said last week.
The 100km Women's Road Race event saw Ruby Livingstone (Auckland) win the race in a close finish, crossing the line in a time of 2h 58m 52.
Only 0.2 seconds separated the place getters.
Emily Collins (Auckland) came in second and in third was Hannah Van Kampen (Hastings).
