Mr Chestnut was able to consume 76 hot dogs in just 10 minutes, breaking his previous target of 75 hot dogs eaten in the same time-span.
But this year it was held in a nearby minor league baseball stadium, Maimonides Park, with 5,000 spectators.
In an interview with ESPN after his win, he said: “It just felt good.”
“Even if I was uncomfortable, having everybody cheer me and push me, it made me feel good,” Chestnut, of Westfield, Indiana, added.
The big win prompted fans to label Chesnut as the “greatest athlete of all time.”
Geoffrey Esper, who was the only other person close to Chestnut’s win, consumed 50 hot dogs in 10 minutes, reported the Independent.
Michelle Lesco took the women’s title in the event after taking on 30.75 hot dogs - seven more than her closest competitor.
Lesco is a former roommate of seven-time reigning champion Miki Sudo, who could not compete this year due to being pregnant.