Significantly, Hamilton is far from finished in his F1 career. At age 35 he is relatively young considering Fangio was 46 when he won his 5th title and Nigel Mansell was 39 when he won his only title in 1992.
Prior to the Eifel GP, after he was beaten to pole position by his Mercedes teammate Valtteri Bottas, Hamilton insisted that equalling Schumacher's record at the Nurburgring, which is 555 miles from Kerpen where Schumacher was born, was not on his mind.
"Honestly it wouldn't make any difference," Hamilton replied, when asked. "I've got my work cut out in the race. It's not something I particularly think about."
"I am just not really bothered by ... I know you keep asking me questions about it. I can't tell you. I don't feel a particular way about it right now. I'm solely focused on trying to do the best job I can.
"If that gets me to that win then great but of course, I'm not looking short term, I'm looking further ahead you know," Hamilton said.
"If and when it happens, it'll be great –but right now these two [Valtteri Bottas and Max Verstappen] are making it pretty hard for me. I'm enjoying this battle I'm having with these guys."
As it transpired, although Bottas held off Hamilton's challenge for the lead at the first corner, a lock-up at the same corner several laps later handed the lead to Hamilton. He never surrendered the advantage.
Bottas later retired with a mechanical problem, while Verstappen never had the pace to seriously challenge Hamilton, even after a safety-car intervention to recover the stricken McLaren of Lando Norris wiped away Hamilton's healthy lead at the time.
When he crossed the finish line 4.5 seconds ahead of Verstappen, with Daniel Ricciardo third, taking his first podium for Renault since 2011, Hamilton insisted he was still not thinking about having equalled Schumacher's record.
After being interviewed by David Coulthard, Mick Schumacher, Michael's son, the current F2 championship leader who is hoping to join F1 next year, surprised Hamilton by presenting him with one of Michael's Mercedes' helmets.
"I'm so honoured. I really appreciate that," Hamilton told Mick.
"I don't even know what to say ... when you grow up watching someone and idolising them in terms of the quality of driver they are and what they are able to continuously do year on year, race on race, week on week.
"I remember playing as Michael on a game called 'Grand Prix 2' I think it was! But just seeing his dominance for so long, I don't know anyone, especially me, would imagine I'd be anywhere near Michael in terms of records.
"So, it's an incredible honour and it will take some time to get used to it. Honestly, when I came into the pit lane, it is only then I realized that I had equalled the record. I hadn't even computed it when I crossed the line," he added.
"I have got to give credit to this incredible team. Everyone is continuing to push behind me and give it their everything. A big, big thank you and huge respect to Michael as well."
Hamilton's record-equalling achievement comes on the same day that Spanish tennis legend Rafael Nadal won his 13th French Open by thrashing world No 1 Novak Djokvic to join Roger Federer as a 20-time grand slam champion.
Nadal's victory will re-open the debate about who is the GOAT [Greatest of All Time] in tennis. Hamilton's victory will cause a similar reaction in the world of motorsport, although that debate began some time ago as Hamilton closed in on Schumacher's mark.
Three-time world champion Sir Jackie Stewart would not be classified as a Hamilton admirer, even though he respects his fellow Brits' achievements.
Stewart made his views known on claims Hamilton may be the greatest driver of all time, when speaking on the In The Fast Lane podcast a week prior to the Eifel GP.
"I don't think that you can account [for] the sort of level of success," Stewart proffered.
"Juan Manuel Fangio, in my mind, is the greatest driver that's ever lived, with Jim Clark as the second greatest, even ahead of [Ayrton] Senna."
"But those people only raced maybe sometimes six to eight or nine races a year in Formula 1. They were driving sports cars, GT cars etc. But in the World Championship now, Lewis Hamilton, or any of the other top contenders today, are doing 22 races, or 21 races, but only in Formula 1. Not in touring cars, not in IndyCars, not in Can-Am cars."
"You can't really compare. Lewis drives extremely well, make no mistake. I'm not in any way diminishing his skills. But it's not the same.
"When Fangio was doing it, he drove in such a way, it was quite extraordinary - he would choose Ferrari, and then he would think 'well Maserati next year might be good,' so he never did more than a one year contract. And then he drove for Mercedes-Benz and won the two world championships with them, because they were the best cars in the world at the time," said Stewart.
"Lewis made a very good decision when he left McLaren and went to Mercedes-Benz, and I take my hat off to him for making that decision. But frankly the car and the engine are now so superior that it's almost unfair on the rest of the field.
"Now you can't say that, you must take your hat off to Mercedes-Benz, to Toto Wolff and to Niki Lauda before that for making one hell of a team, for choosing the best engineers, getting the best money that most other teams couldn't get, apart from Red Bull. It's not quite the same respect, if you like, of being able to do it in less than the best car."
Stewart says since he was a "wee boy" he has watched some of the best drivers in the world, ignoring the fact he was one of them.
"Stirling Moss was certainly one of them and he never won a World Championship because he never drove the right cars. He also wanted to drive British. So, it is difficult to put that in proper terms but beating Schumacher is a big thing because Schumacher himself chose well, leaving Benetton and then into Ferrari and made Ferrari buy the best. He really was a giant in thinking apart from his driving.
"To say Lewis is the greatest of all time would be difficult for me to justify, in sheer power of what other drivers were doing."
Verstappen said he was satisfied with second again. Given Toto Wolff has made it clear that they are happy with Hamilton and Bottas, but that should either leave, they would look at George Russell or Esteban Ocon rather than Verstappen, the latter's dream of being world champion is beginning to fade unless Red Bull ups its game.
Ricciardo was happy though, being on the podium for the first time since Monaco 2018, which was in the Red Bull. He confirmed team boss Cyril Abiteboul would be getting the tattoo he had agreed to get, over a few beers, if Ricciardo secured Renault's first podium.
Nico Hulkenberg was called in by Racing Point to replace a sick Lance Stroll just before qualifying. As he had no practice time in the car, he qualified 20th (last) He likened it to "being thrown into the ice bath" but he finished eighth and was voted driver of the day, while teammate Sergio Perez was fourth, meaning Racing Point are now third in the Constructors' championship. Neither Perez or Hulkenberg yet have a drive for next year.
The day though belonged to Hamilton, who may not be the greatest, but is on 91 wins, not out and counting.
If Mercedes continues to provide the car it does, and given Hamilton is "looking further ahead," it will be his records other drivers will now deem as being impossible to match or surpass.