Analysis by the business advisory firm Deloitte said spending on players was 29% up on the 2012 figure of £490m and £130m more than the previous record of £500m set in 2008.
Dan Jones, partner in the sports business group at Deloitte, said: "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.
"Premier League clubs' gross spending this summer is £630m, beating the previous record of £500m set in 2008. Whilst the sale of Gareth Bale brought £85m into the Premier League, net spending is also a record, at £400m."
The record spending follows the start of the huge new Premier League TV deal which will top £5.5billion over three years.
Jones added: "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."
Top-flight clubs spent around £140m on deadline day compared to £110on the same day last year.
The four English clubs competing in this season's Champions League - Arsenal, Chelsea, Manchester City and Manchester United - accounted for for £230m, 37% of the total. With Tottenham having spent more than £100million it means the leading five clubs last season made up more than half of all spending.