Paulino, who won silver in Tokyo three years ago, crossed the finish line in 48.17 seconds, eclipsing Marie-Jose Perec's previous record of 48.25 that had stood since 1996.
It was the latest confirmation of the Dominican's recent dominance in the event following her victory at last year's World Championships in Budapest.
Salwa Eid Naser of Bahrain finished in second, while Poland's Natalia Kaczmarek claimed bronze.
Great Britain's Amber Anning finished in fifth, breaking Christine Ohuruogu's British record, which has stood for 11 years, with a time of 49.29 seconds.
"I’m absolutely blessed. I am a little bit disappointed. I wanted to come away with three things," Anning said.
"It was either a medal, a PB or a national record and I got one of them. I'm just grateful to be in this position with these amazing girls.
"It was tough [the race], I think I let myself have too much work coming into home straight but I just used my strength.
"It’s been an amazing experience. "It’s still not done yet. I've got the relay tomorrow."
Jumpers who met the qualification standard of 14.35m or ranked among the top 12 performers in the preliminary round advance to the finals.
Ricketts, a two-time World Championship silver medalist, qualified on her first jump with a distance of 14.47m in Group B of the preliminary round. Her impressive leap not only ensured her place in the finals but also placed her among the top qualifiers.
Joining her from Group B are Spain’s Ana Peleteiro-Compaore, who jumped 14.36m and Italy’s Dariya Derkach, who achieved a season-best of 14.35m. While Ricketts' 14.47m was a commendable effort, the best mark of the qualifying rounds came from Cuba’s Leyanis Perez Hernandez, who delivered a stunning leap of 14.68m to lead all qualifiers.
Meanwhile, in Group A, World Indoor Champion Thea LaFond of Dominica (14.35m) also demonstrated her elite skills, advancing to the finals alongside Ackelia Smith, the 2024 NCAA champion from Jamaica, who recorded a jump of 14.09m.
Perez- Hernandez’s compatriot Liadamis Povea also advanced with a jump of 14.39m. Other notable qualifiers include Ukraine's Maryna Bekh-Romanchuk (14.30m) and Romania's Elena Andreea Talos (14.23m).
The USA will have strong representation in the finals with Jasmine Moore, who qualified with a mark of 14.43m, and Kenturah Orji, who advanced with a jump of 14.09m. Ilionis Guillaume of France also made it to the finals with a leap of 14.05m.
The 23-year-old recovered from a less than ideal start with a strong finish to cross the line second in 22.08.
Gold went to American Gabby Thomas who ran 21.82 while another American, Brittany Brown, took bronze in 22.20.
Great Britain’s Dina Asher-Smith and Daryll Neita ran 22.22 and 22.23, respectively for fourth and fifth while Nigeria’s Favour Ofili ran 22.24 in sixth.
American McKenzie Long (22.42) and Ivory Coast’s Jessika Gbai (22.70) rounded out the top eight.
The 30-year-old, who entered Wednesday’s Men’s 400m final at the Stade de France with a personal best of 44.18 done at the London Diamond League on July 20 this year, produced a national record 43.78 to finish fourth.
The previous national record of 44.01 was held by Machel Cedenio who ran that time in a fourth-place finish at the 2016 Rio Olympics.
Running out of lane nine, Richards went out extremely hard in the first 300m before being caught by the field in the last portion of the race.
American Quincy Hall won his maiden Olympic title with a brilliant personal best 44.40, the fourth fastest time in history.
Great Britain’s Matthew Hudson-Smith, like he did at the World Championships in Budapest last year, took silver with a European record 43.44 while Zambia’s Muzala Samukonga ran 43.74, a national record, to take bronze just ahead of Richards.
Grenadian 2012 Olympic champion Kirani James was fifth in 43.87. USA’s Chris Bailey (44.58), Nigeria’s Samuel Ogazi (44.73) and USA’s Michael Norman (45.62) rounded out the top eight.
Richards, hunting his first Olympic Games medal, finished second in semi-final one in 44.33s, behind American Quincy Hall, who won in 43.95s.
James, a three-time Olympic medallist in the event, seems poised to add to his tally as he rekindled his form of old with a blistering season’s best 43.78s clocking in winning semi-final two. It was just outside his personal best of 43.74s.
Meanwhile, Jamaica’s lone semi-finalist, Jevaughn Powell (44.91s), produced a gallant performance for fourth in semi-final three, but it was not enough to progress.
The other finalists are Great Britain’s Matthew Hudson-Smith (44.07s), American Michael Norman (44.26s), and Christopher Bailey (44.31s), as well as Zambia’s Muzala Samukonga (43.81) and Samuel Ogazi (44.71s) of Nigeria.
The final is scheduled for Wednesday August 7.
The 30-year-old produced a personal best and national record 15.02m in the second round to claim her country’s first ever Olympic medal.
She opened her competition with 14.32m in the first round before producing her gold medal-winning effort a few minutes later. From rounds three to five, the reigning World Indoor champion produced distances of 14.46m, 14.12m and 14.43m before passing on her final effort with gold already secured.
Jamaica’s Shanieka Ricketts secured silver, her country’s first ever Olympic medal in the event, with a best distance of 14.87m, her best jump of the season.
The 32-year-old had three legal jumps in her series, 14.61m in round one, 14.87m in round two and 14.73m in the final round.
American Jasmine Moore took bronze with a season’s best 14.67m.
