The spending spree continued right up to the final hours of the transfer window on Tuesday, with several more big-money deals completed before the 00:00 CET deadline.
Manchester City capped their spending by signing Argentina midfielder Enzo Fernandez from Chelsea for a reported British record-equalling £125 million on Tuesday. They also signed Senegal winger Iliman Ndiaye from Everton for a reported £65 million.
Last summer, the combined spending of the league's 20 clubs breached the £3 billion barrier for the first time. Five years ago, the total stood at £1.13 billion.
In addition to Fernandez, three other transfers breached the £100 million mark during the window.
City signed midfielder Elliot Anderson from Nottingham Forest for £116 million, Morgan Rogers switched from Aston Villa to Chelsea for £117 million, and Liverpool agreed to pay an initial £107 million to Paris Saint-Germain for France forward Bradley Barcola, with that deal likely to rise to £123 million.
Tottenham Hotspur also broke their club transfer record to sign Sandro Tonali from Newcastle United in a deal that could reach £100 million.
Four of the most expensive signings ever
Of the 11 most expensive signings in Premier League history, four - Fernandez, Anderson, Rogers and Barcola - have arrived this summer.
Aston Villa also announced their 11th signing of the window with the £47 million purchase of Senegal winger Ibrahim Mbaye from PSG, while Newcastle paid £51.4 million to bring in forward Matias Fernandez-Pardo from Lille.
The trend for clubs to buy from English top-flight rivals continues to rise, with around 38% of deals made between Premier League clubs - up from 30% last summer.
City, Chelsea and Spurs spend big
City led the way with £458 million in spending as new manager Enzo Maresca assembled his first squad, while Chelsea also spent heavily, shelling out £349 million to back new boss Xabi Alonso.
Tottenham splashed out £303 million as they rebuilt after two successive seasons close to being relegated.
According to website Transfermarkt, promoted trio Ipswich, Coventry City and Hull City spent more than a combined £400 million to prepare themselves for life in the top flight.
Sunderland landed highly rated Belgian winger Malick Fofana, 21, from Olympique Lyonnais in a reported £30 million deal after beating Crystal Palace to his signature.
Some deals failed to go through on deadline day.
British media reported that Everton's move for Folarin Balogun collapsed after the USA striker decided against proceeding with the transfer, while Senegal midfielder Lamine Camara remained at Monaco after his reported £47.1 million move to Chelsea fell through.