The video went viral online with its goofy signature horse-riding dance and on Friday ousted singer Jennifer Lopez's dance hit "On the Floor" from second place. But it still trails behind US teenage heartthrob Justin Bieber's "Baby", which has had 790 million hits.
Psy has also remained at number two on the Billboard Hot 100 music chart in the United States for a sixth straight week after topping charts in countries including Britain and Australia.
The popularity of the song and video, which spawned hundreds of parodies and tribute videos across the world, has helped the singer land a contract with Bieber's management agency.
Psy, currently on a promotional tour in the United States, last week performed at ABC's "The View" talk show, after his appearances at the MTV awards and other prime-time programmes last month boosted his profile.
The star is already a music veteran at home with six albums under his belt and next week he will begin a promotional tour in Europe that includes a speech at the Oxford Union and an appearance at the MTV Europe Music Awards in Germany.