The 30-year-old took over the crown from compatriot and five-time Olympian Qi Guangpu, who came sixth and last in the final.
It was Wang's first podium after three Winter Games.
At Beijing 2022, China won gold in men's and women's aerials and silver in the mixed team, and in these Olympics, Xu Mengtao defended her women's aerials title on Wednesday.
In Friday's men's aerials, current world champion Noe Roth of Switzerland won silver, while another Chinese freeskier, Olympic first-timer Li Tianma, got bronze.
Wang took top spot with a remarkable score of 132.60, out of a maximum of 150. Roth was close behind on 131.58, while Li got 123.93.
Over the course of three rounds of jumps, a field of 24 contestants was whittled down to six. A 25th, American Quinn Dehlinger, had to pull out due to injury during training.
China's four athletes all made it into the final, held in snowy, overcast conditions in the Alpine resort of Livigno. They squared off against Roth and fellow Swiss Pirmin Werner.
Chinese supremacy over aerials could be extended further on Saturday, when a mixed teams final is due to take place on the penultimate day of the Milano Cortina Olympics.
Aerials is a gravity-defying discipline that has been part of the Winter Games since 1994.
Athletes jump off a near-vertical ramp, launching themselves in the air and performing complex aerobatics, reaching speeds of more than 65 km per hour. They are judged on height, distance, style, degree of difficulty and landing.