The 23-year-old Phelps also broke seven world records through the week, became the most successful Olympian gold medallist of all time with a career 14, and pledged to continue his epic journey at London in 2012.
"There are some things I still want to do to raise the bar a bit more in the world of swimming. For me, it's still work in progress," said Phelps.
His career total of 16 Olympic medals (14 gold, two bronze) is only two behind the all-time record of 18 by former Soviet gymnast Larissa Latynina (nine gold, five silver and four bronze).
Phelps's butterfly leg was key to the relay victory, as he turned a third-place behind Japan and Australia at the halfway point into a lead which freestylist Jason Lezak would never surrender.
The busiest day of the Games, with 37 finals, proved to be auspicious for China where eight is a lucky number - Phelps won his eighth gold and the Chinese team won a total of eight to post their record Games performance.