Russell, who won last time out in Austria, and Hamilton become the first British duo to front the grid in their home race since 1968.
Another British driver, Lando Norris, took third in his McLaren with Max Verstappen taking fourth after damaging the floor of his Red Bull during the wet-dry session.
"What a feeling, at the start of this year I don't think we could of even dreamt of being on pole here, one-two for me and Lewis, and Lando it's just mega," beamed Russell.
"It's down to these fans as well they give us so much energy so thank you for that."
Rounding out the top 10 were Oscar Piastri in the other McLaren, Nico Hulkenberg (Haas), Ferrari's Carlos Sainz, Lance Stroll (Aston Martin), Alex Albon (Williams) and Fernando Alonso in the second Aston Martin.
Verstappen said the slippery track had caught him out: "I had to go through the dirt...skating through the gravel, trying to not hit the wall. But I destroyed the floor," he said.
"From there onwards, it was trying to survive...I was happy to get into Q3 because the car was a massive step down. To be P4, I'm quite happy with that."
Verstappen's under-performing team mate Sergio Perez spun off at Copse and beached his car in the gravel in the first session.
The Mexican qualified 19th, ahead of only Alpine's Pierre Gasly who knew he would be starting last due to engine penalties.
Perez has scored only 15 points in his last five races, a meagre haul at a time when Red Bull are fighting a resurgent McLaren, and is under pressure despite having his contract extended last month.
"I got caught out with the conditions. I was trying to warm up the tyres into turn nine but as I downshifted, I locked up the rear tyre and it went off the track," he said.
"It hurts to let your team down that way, it hurts a lot because I think the weekend was strong up to now."
