The Bayern Munich striker hit the milestone with a brace against Werder Bremen on Saturday.
Kane was already the highest-scoring Englishman, having surpassed Jimmy Greaves' total of 474 in December.
It has been another remarkable goal-scoring season for Kane, who has 26 goals in just 22 Bundesliga games. And it is only February.
BBC Sport takes a look at how Kane has scored his goals and what other records he could break.
Kane's goals and who he has scored for
Kane's first goal in professional football came 15 years ago when he scored as a 17-year-old playing for Leyton Orient against Sheffield Wednesday.
That was one of five goals he got for the O's before he went on to score two goals for Leicester, nine for Millwall, 280 for Tottenham and is currently on 126 goals for Bayern Munich.
Kane is also the highest-scoring man for England with 78 goals for the Three Lions.
Almost half of his goals have come in the Premier League (213). After that he has scored 89 in the Bundesliga while he has also been prolific in the Champions League.
He was already by far and away the highest-scoring Englishman in European football elite club competition as he currently sits on 48 goals, 18 more than Wayne Rooney, who sits second on that list.
Kane has also scored in every competition he has played in.
How does his record compare to other English greats?
Greaves' record as the highest-scoring Englishman stood for six decades until Kane overtook his tally two months ago.
Kane left the Premier League as the second-highest scorer in the competition, with Alan Shearer holding the record with 260 goals.
According to the International Federation of Football History & Statistics (IFFHS), Shearer sits fourth in the all-time list of English scorers with 409 goals, with Steve Bloomer - who played in the early part of the 20th century - third with 412 goals, behind Greaves and Kane.
Dixie Dean sits fifth with 396 top-level goals and Rooney is sixth on 360.
How has Kane scored his goals?
Kane is a master at taking penalties and a fifth of his 500 goals have come from the spot.
In open play he is deadly inside the box with 349 of his goals coming from there.
The vast majority of his goals have come from his right foot (318) with 94 of them being headers.
The goal that saw him reach 500 was of the type that is quite rare for Kane. He struck from distance, making it one of 49 he has scored from outside the box.
How fast was Kane to 500 goals?
Kane reached 500 goals in 743 appearances for club and country.
That means he got to the milestone quicker than Portugal legend Cristiano Ronaldo, who in 2015 hit his 500th goal on his 753rd game in professional football.
However, Lionel Messi was the quickest of the three to reach the landmark.
The Argentina star scored his 500th goal in April 2016 on what was his 632nd professional appearance. That's 121 matches faster than Ronaldo and 111 games quicker than Kane.
What other records can Kane break?
Kane is already England's record scorer but there's a few other things at club level he can aim for.
Robert Lewandowski holds the record for the most goals scored in a single Bundesliga season, having hit 41 in 2020-21.
Kane is certainly in a good position to surpass that tally as he currently has 26 goals with 12 games remaining.
In Europe, he could break his own record - having become the highest-scoring Englishman in a single Champions League campaign when he scored 11 last term. He is currently on eight goals.