The forward's milestone came on his second shot of the game when he took a pass from Evgeny Kuznetsov in the right face-off circle and beat goalie Mackenzie Blackwood on a slap shot for a 2-2 tie 4:50 into the third period.
Ovechkin joined Wayne Gretzky (894), Gordie Howe (801), Jaromir Jagr (766), Brett Hull (741), Marcel Dionne (731), Phil Esposito (717) and Mike Gartner (708) with 700 goals.
"That's pretty good company," Ovechkin said. "Obviously, when you get closer, you were thinking about when it's going to happen, but I knew someday, even if I didn't score today, we still have 20 games (left) and one goal, I was good."
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Damon Severson scored a power-play goal on a snap shot from the right face-off circle to give the Devils a 3-2 lead at 18:01 of the third period.
"I almost pulled my hamstring on my goal celebration," Severson said. "I was pretty fired up. We could have easily just kind of sat back and said, 'Wow', after Ovechkin scored 700. Congrats to him, great player, but we got the win and one-upped them, so it was great."