The former Williams driver has qualified third and finished just 0.001 seconds behind Ferrari's Sebastian Vettel, who won the season opening Australian Grand Prix.
Raikkonen had already bettered the legendary Michael Schumacher's record lap of 1:32.23, set back in 2004, to set the pace in Q2.
Hamilton took provisional pole from Ferrari's Sebastian Vettel by 0.184 seconds.
It was really close between Vettel and Bottas, however. the Ferrari clocked 1:31.864, while Bottas was at 1:31.865.
Williams' Felipe Massa was almost 0.9 seconds behind Hamilton in fifth place, followed by the Red Bull cars of Max Verstappen and Daniel Ricciardo. I felt like up until today we still probably hadn't got the most out of the setup but in qualifying I felt pretty comfortable with the vehicle.
"I think I would have enjoyed it more if it'd been quicker at the end".
"It is a real shame he (Vettel) managed to get between us".
"The Ferrari looked so fast and we knew it was going to be close, and we knew we had to pull out all the tops and I managed to do a very, very flawless lap", Hamilton said.
"We knew it was going to be close and it was going to mean that we had to pull out all of the stops with a flawless lap".
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He said, "Starting from nineteenth on the grid is going to be tough but I think there is rain on the way".
But they're also significantly faster - as Saturday's times demonstrated - and are expected to allow more overtaking and create more exciting races.
"Very, very happy, super grateful for the huge efforts the team have put in to keep us in the fight".
Three-time champion Hamilton has led Mercedes' dominance of F1 since the introduction of V6 turbo hybrids in 2014, with the German marque winning every title available in the past three seasons. I'm grateful to be in this family and to be a part of the journey that the team and brand are on.
Performance of the day went to Fernando Alonso.
And while it appeared that Vettel held the advantage after topping the order in practice on Saturday morning, before going faster than Hamilton in the first two phases of qualifying, it was the Mercedes man who made it matter when it counted. "So tomorrow will be a new lesson for me. I think we can still improve so let's see what the race looks like tomorrow".
Hamilton later told reporters: "The track was absolutely fine and we could have run all day today with no issue it if weren't for the clouds. I'm not anxious about it, I'm excited".
But an early verdict on just how close Mercedes and Ferrari will be on Sunday was delayed after foggy weather grounded the medical evacuation helicopter and forced Friday's practice sessions to be abandoned after limited running.