A record 35.6 million tweets were sent during the 90-minute game.
It also broke the tweets-per-minute record, when the fifth goal triggered 580,601 in one minute.
Six of the 10 top-trending topics on Twitter were references to the match, with #BrazilvsGermany taking the top spot.
Miroslav Klose was the most tweeted German player, followed by midfielder Toni Kroos. Julio Cesar, Oscar and Fred were the most tweeted Brazilian players.
The previous record for a sporting event on Twitter was held by another World Cup match, Brazil v Chile, which recorded 389,000 tweets per minute.
Previous to that the 2014 Superbowl held the record, with 382,000 tweets per minute.
Many of the tweets took a wry look at the routing of Brazil, with some pointing out that Germany were scoring faster than they could type 140 characters.
Tumblr pages dedicated to "sad Brazilians" sprang up during the game. Some faked images purporting to show Brazilians rioting were also posted.
There were also plenty of Photoshopped images doing the rounds.
Pictures of Rio de Janeiro's iconic Christ the Redeemer statue crying and taking off into space were popular, as were images of people drinking 7Up.
A mock-up of Germany's goalkeeper sitting down and reading a book gained thousands of retweets.
Germany's 7-1 victory over Brazil in the World Cup semi-finals has become the most discussed sports game on Twitter so far.