The pop superstar announced the album on Thursday, revealing it had been recorded during lockdown.
Following its release on Friday, Folklore was lauded by critics who praised Swift’s songwriting.
Republic Records, a division of Universal Music Group, has now said the album sold more than 1.3 million copies within 24 hours and set a Spotify record for first day album streams by a female artist, with 80.6 million.
Folklore became the most-streamed pop album on Apple Music in 24 hours with over 35 million streams, according to Republic Records.
It also set the US and world record on Amazon Music for an indie/alternate album, the label said.
Swift, a 10-time Grammy Award winner, stunned fans with the surprise announcement of a new album. Her previous effort, Lover, was released in August last year.
The 30-year-old singer, who had been set to headline Glastonbury before it was cancelled by the coronavirus pandemic, said now felt like the right time to release Folklore.
She said: “Before this year I probably would’ve overthought when to release this music at the ‘perfect’ time, but the times we’re living in keep reminding me that nothing is guaranteed.
“My gut is telling me that if you make something you love, you should just put it out into the world. That’s the side of uncertainty I can get on board with.”