The Australian star will take a two-shot lead into Saturday's (Sunday AEST) third round after a dramatic day ended with his nearest rival, Bryson DeChambeau, being hit with a two-shot penalty for inadvertently improving his lie in the rough at the fifth hole during his round.
Herbert had earlier been "absolutely disappointed" at missing the five-foot putt that would have secured him the first 61 ever shot in a men's major but also "very proud" of a landmark eight-under par 62 that's left him in charge.
But after his astonishing morning round, which was, extraordinarily, equalled minutes later by Sam Burns' own 62, the 30-year-old Victorian was already having to quickly regroup and think about a potentially life-changing weekend on the famous Lancashire links.
"It's two worlds apart, to have dreams and then to have even a glimpse of them coming to reality. I have dreams of winning the Open Championship for sure - and I'm in a great position to do that," said Herbert.
"I would love to tick off more than shooting 62 and, yeah, I've got a great opportunity; I'm looking forward to getting after it on the weekend."
But high drama emerged late, many hours after Herbert finished his round, as he thought he'd finished just one clear of DeChambeau, who'd recorded a four-under 66.
But the American was later taken by rules officials back out to the long grass by the fifth fairway where the American's ball had earlier landed, and it was determined he'd affected the path of his backswing as he "inadvertently" trod down grass around the area.
The two-shot penalty meant the clearly unhappy DeChambeau was moved back from seven under to five under, alongside Burns and Si Woo Kim, three behind Herbert.
So the Australian's nearest challengers are now three other Americans, overnight leader Jackson Suber (69), Cameron Young (67) and Ryan Gerard (67), at six under.
A trio of ominous figures are then among the logjam on four under - world No.1 Scottie Scheffler (68), local hero Tommy Fleetwood (67) and Jon Rahm (67).
Herbert conjured up the round of his life on a glorious Friday morning, first ticking off the lowest nine-hole score in Open history by turning in 28 at six under and going on to add three more birdies after the turn.
But needing to par the 18th for the all-time record low round in a men's major of 61, he finally blinked, hitting a wayward drive and then missing a short one.
Herbert's 62 equalled the mark set previously five times in a major championship round - Branden Grace at the Birkdale Open in 2017, Rickie Fowler and Xander Schauffele in the 2023 US Open, and Schauffele and Shane Lowry at the 2024 PGA.
Self-confessed golf "nerd" Herbert reckoned he knew after three-straight birdies in the first three holes holes he was in line to challenge for the record.
And he was adamant he didn't flinch with that missed final putt. "I can at least sleep easy tonight knowing I didn't hit a bad putt, I just misread it," he insisted.
"But I felt like I'd kind of let everyone down a little bit there on the last miss because it just felt like everyone wanted to be a part of watching that bit of history.
"Yeah, it was a lot of fun. Those first 12 holes, I don't know if I've played golf that well before, so it was very, very cool to experience that."
Herbert had holed a 16ft birdie putt for openers, a 15-footer at the second and a five-footer at the third, before he found the greenside with a booming drive at the 326-yard fifth and then almost chipped in for an eagle.
He holed a 36ft "bonus" putt at the seventh and holed from the fringe from 25 feet to make it six birdies in nine holes, equalling the Open nine-hole record set at Birkdale by Englishman Denis Durnian in 1983.
Fearlessly, the Australian, with his trusty ZZ-Top bearded caddie Nick Pugh cajoling alongside, kept on the attack, holing a 10-footer at the 11th, a 13-footer at the next and a seven-footer on 16, that ninth birdie leaving him needing two more for the first 59 ever in a major. Alas, that's when his two fives came.
Unlike Herbert, Burns hadn't a clue about the record and was surprised to learn he'd joined the elite '62' club after he'd chipped in at the 18th.
Herbert then had a long afternoon rest, watching the later starters battling as the sea breezes kicked up, but DeChambeau finished strongly with a birdie and Fleetwood got his fans roaring, although Rory McIlroy (67) had plenty of work to do at one under.
Among Herbert's Australian teammates, Melburnian Cameron John flourished as he lay tied for 17th at three under after his 67, while Adam Scott, the day after his 46th birthday, warned he couldn't be ruled out at two under after a 66, with 50 players in all under-par and within seven shots of Herbert.
