Rosberg looked set to extend his lead in the standings, but he suffered a gearbox problem that allowed Hamilton to record a comfortable victory after a perfect afternoon at his home GP.
Read how it all unfolded in our lap-by-lap updates below.
12.31pmAllo allo! The 2014 F1 season is at its ninth race at the superb Silverstone track. Just under half an hour until it's lights out!
12.34pmLet's remind ourselves what happened in qualifying first...
12.38pmIt was a session that was dominated by changeable conditions. The rain came and went, and came and went, leading to some big casualties in the early stages. Both Ferraris and Williams were knocked out in Q1, with the two Marussias both getting into Q2.
In the top 10 shootout it was all Hamilton until the final seconds when strange things started happening on track. Drivers weren't going fast in the first two sectors but then picking up heaps of time in the final sector where the track was dry. Hamilton gave up on his lap as he thought no-one would beat his initial time, only to see five cars go quicker than him in the dying seconds.
12.40pmRosberg and Hamilton are now matched on four poles apiece this season and the former is heavy favourite to extend his 29-point lead in the Championship.
12.43pmA big well done to Jenson Button. The Englishman slightly made up for Hamilton's slump by getting third place on the grid. McLaren haven't had a great season and Button has just told BBC Sport that he went to bed a happy boy last night.
12.45pmThe big names always come out at the F1 and here's two massive celebrities in the Williams garage.
12.47pmBBC Sport's David Coulthard also just interviewed TV celeb Amanda Holden and the first thing she asked is whether he had a hangover today before realising that she was live on air. Sounds like there was a big party last night!
12.53pmCan Hamilton realistically win today's race? He has been second-best to his teammate of late and starting five places behind isn't a good omen. The 2008 world champion was absolutely devastated when interviewed after yesterday's qualifying. Hopefully he has now forgotten all about his error and is purely focused on the race. He needs a good start, that's for sure!
12.56pmWEATHER WATCH: Although yesterday's qualifying was dominated by the drizzle, it's sunny in Silverstone today. The drivers are thought to only need one or two stops today.
12.58pmPlenty will be cheering for Button today, especially as he has used this weekend to highlight the memory of his father, who sadly passed away earlier this year. Pink has been Button's colour of choice and you can't miss him with his bright helmet!
1pmFORMATION LAP: Rosberg leads out the other 21 cars as they start a single circuit of the track to warm up their tyres. Everyone on the grid is starting on the medium compound tyres apart from the Ferraris of Alonso and Raikkonen, who opt for the hard compound. Looks like they're going to try to one-stop.
1.01pmIf I had to make a prediction, I'd say that Rosberg is going to win. He's been the most consistent driver this year and has the big advantage of starting from first place. Really hoping that Button gets away smoothly and maybe overtakes Vettel.
Lap 2The cars are back at the start-finish line in the order that they were when the red flag was signalled. That's great news for Hamilton as he now has the chance to jump further ahead from the new start. The reason for the red flag was because there was too much debris scattered over the track following Raikkonen and Massa's crash.
1.11pmThe crash came after Raikkonen was forced wide off the track and then wildly spun and lost control when rejoining the circuit. The drivers around him actually did really well to ensure that it wasn't as bad as it could have been.
1.13pmFerrari confirm on their Twitter account that Raikkonen is in the medical car being checked out.
1.16pmMASSA OUT! The Williams driver valiantly tried to make it back to the pits, but his car was far too damaged to continue.
1.19pmThe race will restart under the safety car, but it won't be anytime soon as the whole barrier that Raikkonen bashed into needs to be repaired.
1.40pmTOP 10! Here's how the rest of the Top 10 will get away under the safety car once we are ready to go racing again: 1 Rosberg 2 Button 3 Magnussen 4 Hamilton 5 Vettel 6 Hulkenberg 7 Ricciardo 8 Kvyat 9 Bottas 10 Chilton
1.42pmChilton is going to fall to the back of the grid though as he has just been handed a drive-through penalty! The Englishman illegally came into the pits under the red flag.
1.45pmIt's now over half an hour since the big Raikkonen crash. The drivers remain out of their cars and we're still unsure when we'll be back underway at Silverstone.
1.48pmThe interesting thing about this extended delay is that as every minute goes by, the chance of rain towards the end of the race increases. Should be a cracker once we're back underway.
1.51pmFerrari tweet that the first thing Raikkonen said on the radio after the crash was "Is Felipe alright?" Astounding show of sportsmanship after a big shunt.
1.52pmThe FIA release an update that merely tells us that the next update will come at 1.55pm.
1.54pmRACE WILL RESUME AT 2.05pm: We'll be back underway at Silverstone in just over 10 minutes. Remember, it will be under the safety car and in the positions that they were at the time of the flag.
1.58pmWowee. Former world champion Niki Lauda is having a right go on BBC Sport! The German has just said that Formula 1 is "over-regulated" as they have spent almost an hour repairing a small part of barrier that has "zero chance" of being hit again. Strong words.
2.01pmIt really is a super Sunday of sport in Britain and if you want to follow the men's final at Wimbledon between Roger Federer and Novak Djokovic too, open this link in a new tab.
Lap 32The yellow flags are still out and Bottas has just pitted from second place.
Lap 33With the race now fully back underway and 20 laps to go, here's a top 10 update: 1 Hamilton 2 Vettel 3 Bottas 4 Ricciardo 5 Button 6 Alonso 7 Magnussen 8 Kvyat 9 Hulkenberg 10 Vergne
Lap 34BOTTAS retakes second place from Vettel but he's so far behind Hamilton, who could do two pit stops and still be in front!
Lap 37A reminder if you're just joining us: Rosberg was forced to retire on lap 30 with a gearbox issue, effectively gifting the race to Mercedes teammate Hamilton.
Lap 37Although Hamilton is miles clear at the front, there's still plenty of wheel-to-wheel action further back. World champions Alonso and Vettel are having a right ding-dong battle at the moment for fifth place.
Lap 40This is a fantastic tussle between the Ferrari and Red Bull. Both men are complaining to their teams about the other man, but for us neutrals it's simply awesome racing.
Lap 40TOP 10 UPDATE: 1 Hamilton 2 Bottas 3 Ricciardo 4 Button 5 Alonso 6 Vettel 7 Magnussen 8 Hulkenberg 9 Kvyat 10 Vergne
Lap 42A reminder that if Hamilton does convert this giant lead into victory, he will close the gap to Rosberg to just four points in the overall drivers' championship.
Lap 42Hamilton comes in for his final pit stop. It's a gentle one from the team as they know that there's no rush. No need to risk any mistakes.
Lap 43TEN LAPS TO GO! Hamilton continues to lead by about 20 seconds from Bottas, while in the battle for fifth Vettel and Alonso continue to do battle.
Lap 44Button would love to join Hamilton on the podium, but he's around eight seconds behind third-placed Ricciardo and set to finish fourth.
Lap 46Vettel continues to complain about Alonso's on-the-edge driving in front. He keeps saying "and another one" every time he thinks that Alonso is overstepping the mark and going off-track.
Lap 47One thing that has been forgotten is the possibility of rain. The hour-long delay to the race earlier suggested that drizzle could affect the end, but the sun is shining brightly.
Lap 47WOW! Amazing wheel-to-wheel stuff from Vettel and Alonso at top speed down the home straight. Unbelievable stuff and it's Vettel who finally gets past the Spaniard for fifth place.
Lap 48FIVE LAPS TO GO! 1 Hamilton 2 Bottas 3 Ricciardo 4 Button 5 Vettel 6 Alonso 7 Magnussen 8 Hulkenberg 9 Kvyat 10 Vergne
Lap 50With three laps to go, Button has now closed to within five seconds of Ricciardo, whose tyres are wearing out rapidly. Five seconds is a big gap though and Button will have to pull out all the stops to claim a podium place.
Lap 51Into the penultimate lap and still Hamilton leads by a mile. Button is closing down Ricciardo, but surely he's going to run out of time. Even if he can't overtake him, it's been a great afternoon for the McLaren.
CHEQUERED FLAGThe Englishman delights the throngs of people at Silverstone with a comfortably victory that sees him close to within four points of teammate Nico Rosberg in the drivers' standings.
Lap 52Bottas comes home second, with Ricciardo holding on to third place. Button ended up crossing the line just eight-tenths of a second behind Ricciardo. One more lap and he might have overtaken the Red Bull!
3.32pm"ENGLAND!" yells Lewis to his team after being congratulated on the victory.
3.36pmAnyway, we're out of time here on this commentary. Thanks for joining SM for coverage on yet another gripping Grand Prix. Make sure you keep an eye out on the site this afternoon for plenty of reaction from Silverstone. Good afternoon!