Farah had to dig really deep over the final two laps of the race to clock 7.32.62, a world leading performance, but crucially 0.17 of a second inside the previous British record.
Andrew Butchart ran a massive personal best of 7.45.00 to break the 32 year old Scottish record and help secure his Olympic place where he finished a very impressive sixth place.
After his record breaking performance Farah told the media:
“Man, I've been trying for that record about seven years. It has been hard to beat. But I knew I came here in good shape.
"I could hear the commentator saying, 'All he is needs is another 30 seconds'. But when I crossed the line, I wasn't sure if I have done it. I thought I had just missed it! I was a bit tired on the last lap but I knew I had to dig in. I was always targeting the record and knew it was on at 2km.”
After the race, Moorcroft tweeted: "Congratulations Mo. A fantastic run again."
He was clearly in good shape going on to take the 10,000 and 5000m Olympic titles in August in Rio.
This Sunday in Birmingham Farah is set to run his last track event in the UK before switching his focus to road events. The Briton, who won world 10,000m gold and 5,000m silver in London, will hang up his spikes after competing in the 5000m in Zurich at the end of the month.
He said, “I’m really looking forward to what will be my final track race in Britain. I’m sure it will be a day to remember for the rest of my life. To get to say goodbye in front of a British crowd is something that means a lot to me. I’ve had so many great races at the Alexander Stadium over the years it is a fitting venue for my last home track race.”
Others that could feature in the 3000m on Sunday include Andrew Butchart, eighth in London in the 5000m; Australian Patrick Tiernan 11th in the 5000m in London, as well as Spain’s Adel Mechaal and Kenya’s Davis Kiplangat.
A host of medallists from London 2017 will also compete at the prestigious IAAF Diamond League meeting.