The British pair led after the first round, provoking excitement in the arena, but Chen and Wang soon took the lead and did not look back.
Chinese pair Chen Ruolin and Wang Hao were practically in a league of their own, finishing on 368.40 points, more than 25 points ahead of second-place Mexico.
The nation claimed its third diving gold medal, taking them a step further in their aim to sweep all eight titles at the Games.
Chen is the defending Olympics champion in both the individual and synchronised 10 metre platform, as well as the world champion.
Looking shy but a little bored during a press conference after the contest, Chen said: "I'm honoured to add one more medal to the Chinese delegation.
"Four years ago I was younger and a little nervous. Now I'm more mature as an athlete," the 19-year-old added.
Chen's diving partner for the last two years, Wang, said she had struggled to recover from knee and eye injuries and had had a tough time dieting over the last year to lose weight and maintain her slender figure.
"Now when I look back it seems nothing but there were times when it seemed such a long time until the Olympics," she said.
The silver medal was the perfect birthday gift for Paola Espinosa, who turned 26 on Tuesday.
Espinosa, a former world champion who took the bronze in Beijing, was diving with fifteen year old Alejandra Orozco to win Mexico's second medal of the Games with 343.32 points.
"Mexico is a country with a lot of diving talent and now the trainers are working together more to help that talent bear fruit," said Espinosa.
"This is the most complete team that Mexico has had for years in the Olympics and with a different mentality - that we want to win."
Espinosa and Orozco, like their male compatriots who won silver in the men's event on Monday, chose dives with the greatest overall level of difficulty that score higher.
Canada's Meaghan Benfeito and Roseline Filion took the bronze with 337.62 points.
1. Chen R L/Wang H (China) Chen Ruolin/Wang Hao 368.40 points
2. Espinosa/Orozco (Mexico) Paola Espinosa/Alejandra Orozco 343.32
3. Benfeito/Filion (Canada) Meaghan Benfeito/Roseline Filion 337.62
4. Wiggins/Bugg (Australia) Loudy Wiggins/Rachel Bugg 323.55
5. Barrow/Couch (Britain) Sarah Barrow/Tonia Couch 321.72
6. Subschinski/Steuer (Germany) Nora Subschinski/Christin Steuer 312.78
7. Leong/Pamg (Malaysia) Mun Yee Leong/Pandelela Rinong Pamg 308.52
8. Prokopchuk/Potyekhina (Ukraine) Iulia Prokopchuk/Viktoriya Potyekhina 299.64