Sarita, meanwhile, bagged a silver medal in women's 58kg category.
After registering a fabulous 6-2 win, Bajrang celebrated by taking a victory lap with the tri-colour on his shoulders.
In his gold medal bout, the 23-year-old Indian conceded two points in the opening half to lag behind 0-2 at the break.
However, Bajrang made a strong comeback in the second half as he did not allow his rival from Korea to earn any more points.
London Olympics medallist wrestler Yogeshwar Dutt was present at the gallery to witness his prodigy win the gold medal.
"I asked him (Bajrang) to attack all the time and not be defensive and that paid dividends. Winning a gold medal in the Asian Championships is a really big thing," Dutt said.
Putting up a brilliant show on his way to the gold medal round, Bajrang got the better of last edition's Asian Championship gold-medallist Meisam Nassiri of Iran 7-5 in the quarterfinal after beating Uzbek wrestler Sirojiddin Hasanov 4-3 in the qualification round.
However, gold medal eluded Indian women wrestlers even as this was their best ever performance at the Asian Championship with six medals, including four silver and two bronze. In the 2003 edition, India had won a total of five medals that included two silver and three bronze.
Having climbed down two kilograms to 58kg from 60kg after Sakshi Malik and she interchanged their respective weight categories, Sarita came up with a fine performance before going down tamely in her gold medal bout.
"Coming down two kilograms is not a big deal. It is natural for us to jump up and down 2-3 kilograms and right now my original weight is 58kg, so I was comfortable fighting in this category. I want to continue the good show and prepare to qualify for the World Championship in August," said Sarita.
In the second half also, the wrestler from Kyrgyzstan continued to dominate and earned two more points to seal the match in her favour.
Sarita's journey to the final was a cake walk as she thrashed Uzbekistan's Asem Seydametova10-0 in the quarters before defeating Thi Huong Dao of Vietnam 12-0 to make the gold medal bout.
In the qualification round, Satywart lost to Magomed Ibragimov 2-2, but since the Uzbek grappler made the gold medal round, the Indian got a chance to fight in repechage.
Meanwhile, Olympian Sandeep Tomar suffered a knee injury to bow out of the tournament early in men's 57kg.
Tomar was in a winning position when he sustained the injury and that resulted in him losing 5-6 to Ulukbek Zholdoshbekov of Kyrgyzstan.
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