The previous record of £500 million, set in 2008, was already broken on Monday morning, the final day when teams could buy players.
But with dramatic signings late in the day, the final spending figure hit £630 million at the close of the transfer window.
(Read more: Bale transfer sealed with record 100 million euro fee )
"The story of this summer transfer window is of new records: a new record for Premier League spending as well as a new world transfer record fee," Dan Jones, partner in the Sports Business Group at Deloitte said.
Real Madrid's £85.3 million ($132 million) purchase of Gareth Bale from Tottenham set the world transfer record fee on Monday.
"As the financial rewards for participation and success in the Premier League increase, so it follows that clubs are investing on the pitch to ensure they continue to benefit from the remarkable Premier League growth story," Jones added.
Premier League clubs are getting a cash boost from new broadcast deals allowing them to increase their spending on players.
BT has paid £738 million ($1.1 billion) for the rights to 38 live matches a season over three years, while Sky has spent £2.3 billion ($3.6 billion) for 116 matches a season.
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"Testament to the impact this is having is in the scale of Premier League gross spending, as well as the gulf in net spending between the Premier League and other European leagues," Alex Thorpe, consultant in the Sports Business Group said.
Other major European soccer leagues have seen higher spending by clubs compared with last year. After the Premier League, the next highest spenders were Spanish La Liga and Italian Serie A, each spending £335 million ($520 million) on players. France's Ligue 1 followed with £315 million and the German Bundesliga with £230 million.
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image: © Jan S0L0