Ovechkin, 34, scored in the fifth minute of the third period in away game against New Jersey Devils to tie the score 2-2. However, the Caps eventually lost the match 2-3 (0-1, 1-1, 1-1).
The NHL's top regular-season striker is Wayne Gretzky with 894 goals, followed by Gordy Howe (801), Jaromir Jagr (766), Brett Hull (741), Marcel Dionne (731), Phil Esposito (717) and Mike Gartner (708).
Ovechkin also became the second player after Howe to score 700 for one team.
In this season's race for the Maurice Richard Trophy awarded to the league's best regular-season scorer, Ovechkin now has 42 goals, one behind David Pastrnak of Boston Bruins and Auston Matthews of Toronto Maple Leafs.