The Williams driver broke the 17-year record set by Finland’s Keke Rosberg, also in a Williams, at Silverstone in 1985 by lapping the Monza circuit near Milan at an average speed of 259.827kph.
Rosberg’s record was 259.005kph, or 160.938mph.
Montoya, unfussed as ever, greeted the news with a familiar shrug of the shoulders on a day when even a passionate crowd could not push Ferrari to the top slot at their home track.
Michael Schumacher, the Italian team’s five times world champion and winner of a record 10 races this year, was 0.257 of a second slower and had to settle for second place on the grid.
“I think it’s pretty good,” said Montoya. “But probably next year it is going to be beaten again. It’s about two seconds a lap quicker than last year so it’s pretty impressive, I’ve got to say.”
Montoya, triumphant from pole last year for the first victory of his Formula One career, has yet to win this season but has now secured seven pole positions in 15 races and 10 in his 32 career grands prix.
His time of one minute 20.264 seconds was also well inside his 2001 pole of 1:22.216, suggesting Sunday’s race could set more records as the fastest since Formula One started in 1950.
Monza holds the current record, with Briton Peter Gethin winning in a BRM in 1971 at an average speed of 150.76mph (242.61kph).
Montoya and team mate Ralf Schumacher had looked like sweeping Ferrari off the front row before Michael forced his car to the front with five minutes remaining.
Ralf will start on the second row alongside Ferrari’s Brazilian Rubens Barrichello in what promises to be a high- speed battle between Ferrari and Williams.
Ralf held pole for a while before Montoya and then Michael went faster.
Finland’s Kimi Raikkonen, in a McLaren, was fifth quickest ahead of Briton Eddie Irvine in a Jaguar.
The hour long-qualifying session was halted two minutes from the end when Raikkonen and Japan’s Takuma Sato collided as the Jordan was trying to overtake on a flying lap.
Both cars were badly damaged in the incident at the second chicane.
Grid positions:
1. Juan Pablo Montoya (Colombia) Williams One minute 20.264 seconds; 2. Michael Schumacher (Germany) Ferrari 1:20.521; 3. Ralf Schumacher (Germany) Williams 1:20.542; 4. Rubens Barrichello (Brazil) Ferrari 1:20.706; 5. Kimi Raikkonen (Finland) McLaren 1:21.163; 6. Eddie Irvine (Britain) Jaguar 1:21.606; 7. David Coulthard (Britain) McLaren 1:21.803; 8. Pedro de la Rosa (Spain) Jaguar 1:21.960; 9. Jacques Villeneuve (Canada) BAR 1:22.126; 10. Mika Salo (Finland) Toyota 1:22.318; 11. Jarno Trulli (Italy) Renault 1:22.383; 12. Giancarlo Fisichella (Italy) Jordan 1:22.515; 13. Allan McNish (Britain) Toyota 1:22.521; 14. Felipe Massa (Brazil) Sauber 1:22.565; 15. Nick Heidfeld (Germany) Sauber 1:22.601; 16. Olivier Panis (France) BAR 1:22.645; 17. Jenson Button (Britain) Renault 1:22.714; 18. Takuma Sato (Japan) Jordan 1:23.166; 19. Mark Webber (Australia) Minardi 1:23.794; 20. Alex Yoong (Malaysia) Minardi 1:25.111.—Reuters