Tebow slipped up the middle and ran mostly untouched for a 23-yard score with 1:32 remaining in the first half of Florida's 41-17 victory over Georgia. The 50th rushing TD of his career gave the top-ranked Gators a 24-10 lead.
Tebow dropped the ball briefly, and the field judge picked it up. But Tebow ran back, grabbed it out of his hand and carried it to the sideline.
Tebow broke the mark in his hometown, and maybe more fittingly, against Walker's Bulldogs.
"Breaking Herschel's record means a lot," Tebow said. "Just to be mentioned in the same breath as Herschel Walker, it's extremely humbling and a little bit breathtaking because it's Herschel Walker. How am I going to be in the same league as Herschel Walker? I still can't understand it. It's pretty cool and it's really special."
Walker had 49 rushing TDs in three seasons (1980-82) at Georgia. He had five more in bowl games, but the NCAA and the conference didn't recognize statistics in postseason play until recent years. Walker probably could have put the record out of reach had he decided to return to Athens for his senior season.
Tebow finished with 18 carries for 85 yards and two scores. He completed 15 of 21 passes for 164 yards and two touchdowns, both to Riley Cooper.
Tebow, the 2007 Heisman Trophy winner, had eight rushing TDs as a freshman in 2006, 23 in his Heisman-winning season and found the end zone 12 more times last year. He now has eight this season.
Tebow also finished the first half with 63 yards rushing, breaking the SEC mark for career rushing yards by a quarterback. Former Arkansas star Matt Jones, who played receiver for the Jacksonville Jaguars, previously held the record with 2,535 yards.
Information from The Associated Press was used in this report.