Falk completed 34 of 48 passes for 337 yards and three touchdowns in the Cougars' 24-21 home win over Stanford on Saturday, giving the senior 13,806 passing yards in his career.
"That's pretty cool,'' Falk said after the game. "I think it's a team award.''
Falk connected with running back Jamal Morrow on an 8-yard completion in the second quarter to break the record previously held by former Oregon State quarterback and current Los Angeles Rams quarterback Sean Mannion (13,600). Mannion's mark had stood since 2014.
"Congratulations to Luke for all of his accomplishments at WSU!" Mannion told ESPN in a text message. "He is a great player and I wish him nothing but the best for the rest of his career!"
With the three TD passes, Falk is one scoring strike shy of former USC quarterback Matt Barkley's conference record of 116.
"It was the same old Luke we have seen the last couple of years,'' Morrow said. "Calm, steady.''
The record comes a week after Falk was benched in the first half of Washington State's 58-37 loss at Arizona.
"I thought we really played hard the entire game,'' Washington State coach Mike Leach said after the Cougars upended the Cardinal. "It was a great team win.''
Washington State finishes 7-0 at home for the season and remains in the hunt for the Pac-12 North crown.
"It's been a great ride and we've just got to finish the ride,'' Falk said. "We've got a lot of work to do."
The Associated Press contributed to this report.