The 22-year-old Satish, the 2013 Commonwealth Championships gold medallist, lifted a total of 328kg (149+179) to pip the 2010 CWG gold medallist Ravi, who had to be content with a silver medal following an effort of 317kg (142+175). (Agencies)
Australia's Francois Etoundi bagged the bronze with a lift of 314kg (137+177) at the Clyde Auditorium in Glasgow.
Satish's 149kg lift in Snatch lift erased the earlier record of 148kg in the name of Yuko Peter of Nauru while winning gold in 2010 Delhi Games.
India ran away with the day's honours in weightlifting as Punam Yadav had won a bronze in women's 63kg earlier in the day with a total lift of 202kg (88+114).
India have now bettered their 2010 CWG performance in weightlifting. India have won nine medals (3-2-4) in weightlifting, one more than the eight (2-2-4) in Delhi.
Both Ravi and Satish performed tactically and began their snatch after most of the other competitors had made their three attempts by keeping the starting weight at 142kg.
Satish was the first of the two Indians to come out and he easily lifted 142kg but Ravi Kumar failed to do so at the same weight. Ravi, however, had a clean lift of 142kg in his second attempt.
England's Jack Oliver then set the tempo for a keen contest as he lifted 142kg in his second attempt but failed to clear 145kg in his third.
Satish made another clean lift of 146kg before Ravi made an unsuccessful attempt to go ahead by trying 147kg.
With one lift left for him, Satish went for 149kg in his attempt to break the Commonwealth Games record and he did it yet again in style and punched in the air in delight.
In clean and jerk also, Satish and Ravi followed the same script as they began their attempts by keeping the starting weight high.
This time though, Ravi came out ahead of Satish and he lifted 175kg straightaway to jump to the top before Etoundi was successful in his attempt of 177kg to place himself in second spot.
Satish came out and thought he had lifted 178kg but the judges ruled that it was a no-lift.
Not to be bogged down by the decision of the judges, Satish went for 179kg and he lifted it to regain the top spot.
Ravi went for 185kg in his second attempt but was unsuccessful and that ensured gold for Satish.
He attempted 186kg in a bid to break the Games record in total lift but failed to do so.
Elsewhere, boxers Sumit Sangwan (81kg) and Manoj Kumar (64kg) entered the quarterfinals of their respective categories after contrasting wins.
Sumit comfortably defeated Mohammed Hakimu Fumu 3-0 to set up a clash against New Zealand's Davis Nyika on Tuesday.
Manoj also booked a berth in quarterfinals of the the men's 64kg category with a 2-1 win over Canada's Arthur Biyarslanov. Manoj next faces Brit Samuel Maxwell.
On the flip side, India's top singles player Achanta Sharath Kamal and Harmeet Desai were tamed by an energetic Liam Pitchford as India lost the men's team table tennis semifinal 1-3 to England.
Kamal, ranked five places above Pitchford at number 50, lost the opening singles match 4-11, 11-8, 11-9, 5-11, 6-11 to leave India trailing in the best-of-five game semifinal.
Paul Drinkhall made it 2-0 for England when he trounced Anthony Arputharaj 11-5 11-8 11-9 in the second singles.
Anthony combined with Harmeet to bring India back in the contest by winning the men's doubles 7-11 16-14, 11-8, 7-11, 13-11.
The 21-year-old Harmeet then took the court for the do-or-die fourth match and looked down and out after losing the first two games tamely but turned it around by winning the next two to take to deciding fifth set.
However, 21-year-old Pitchford, who played exceptionally well, edged past the Indian with a final scoreline of 11-5 11-6 10-12 10-12 17-15.
India will now take on Nigeria, who lost 1-3 to Singapore, in the bronze medal match on Tuesday. England will clash with Singapore for the top prize.
In badminton, star players Parupalli Kashyap and Jwala Gutta failed to create magic as India were blanked 0-3 by a dominant England in the mixed team semifinals.
Jwala and Akshay Dewalkar began India's campaign but could not put the country ahead, losing the mixed doubles 16-21, 21-16, 11-21 to the British combination of Chris Adcock and Gabrielle Adcock in 52 minutes.
India needed Kashyap, silver medallist at 2010 Games, to level the contest but he went down fighting 16-21 19-21 to Rajiv Ouseph in the singles in 47 minutes in the second match.
Akshay and Pranav Chopra then lost the crunch men's doubles match 21-12 13-21, 16-21 to Chris and Andrew Ellis, ending all Indian hopes.
India will now attempt to win bronze medal when they clash with Singapore, who lost 2-3 to Malaysia.
The 22-year-old Satish, the 2013 Commonwealth Championships gold medallist, lifted a total of 328kg (149+179) to pip the 2010 CWG gold medallist Ravi, who had to be content with a silver medal following an effort of 317kg (142+175).