The 31-year-old Kiptum clocked 58:19 and shaved 5 seconds from Zersenay Tadese's previous record.
Kiptum's previous personal best time stood at 59.09 from this year's Copenhagen half marathon where he finished second.
Three more runners in Valencia broke the 59-minute barrier. Ethiopia's Jemal Yimel Mekonnen clocked 58:32 to finish second, while his compatriot Abadi Hadis Embaye took third place with 58:44 seconds.
The women's race winner Gelete Burka of Ethiopia locked a massive personal best of 66:11 beating Alia Mohammed Saeed into second by 2 seconds. The podium concluded Kenya's Edith Chelimo with 66:17.
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