Martin completed the immense task with a speed of 78.15mph, after initially setting the pace with 70.33mph.
The 34-year-old, who is known for his speedy antics during his motorcycle racer career and presenting Channel 4's Speed with Guy Martin, took on a huge risk as he tackled the largest Wall of Death the world has ever seen.
The Wall, which was purposely built for Martin's attempt, was described as something that many should fear, let alone take to it on a motorbike.
"It’s like the Colosseum," said Ken Fox, Martin’s trainer for the stunt. “You expect to see lions and gladiators."
Guy was under incredible G-force as presenter Steve Jones explained.
"10G was far too much, but a wall of 40m in diameter would allow Guy to take on slightly less," he said, as Guy prepared for the ride of his life. It was later confirmed that Guy reached forces of 5.2G.
Viewers on Twitter couldn't believe what they were watching as he broke the record, riding an impressive 78.15mph.
"Guy Martin is the embodiment of everything great about Britain; genuine, hard working bloke who's brave as all hell & never gives up," said one emotional viewer.
While another said Guy has "nerves of steel".
Read a longer reaction below.
Before the programme, Fox revealed that the Wall of Death needed to be mastered.
The expert rider said: "You've got to do it with skill, there is no good doing it an adrenaline, it's not good doing it because you're a hero - you've got to do it with the skills that you've been taught."
Martin knew he'd been in safe hands with the long-time Wall of Death expert in his corner.
"There is no man better," said Martin of his teacher. "Ken knows he's the daddy. No one is better than Ken Fox, it's all about the show. People just can't believe what they see."
Martin was very keen on the live show and the record attempt from the start.
"I'm the luckiest man alive," beamed Martin, in the trailer for the live event. "It's alright watching [the wall] on the telly, when you see it with your own eye..."
Speaking about who will be there should things go wrong, Martin said: "My mum and dad are coming, sister's coming, my mates from racing are coming, boss, boss's missus... it's going to be a right night."
The hit series Speed with Guy Martin returns later in 2016 where Guy will attempt to claim a number of world records including breaking the 200mph barrier in a souped-up Transit van.