Corey Pavin, who led or shared the lead all the way, shot a solid two-under-par 68 today for a record-breaking, four-shot victory in the Colonial National Invitation Tournament.

Pavin, who led by a minimum of three shots throughout the final round, acquired the second victory of his brief PGA Tour career with a 266 total, 14 under par and the best score ever on the proud old Colonial Country Club course. It broke the course and tournament record of 268 set by Lee Trevino when he won his second Colonial title in 1978.

Pavin set the record at 130 for 36 holes, tied the record of 198 for 54 holes and, at 25, was the youngest Colonial champion. It took only three days for a record number of subpar scores to be posted: 97. Tom Watson set a record for the front nine, 29, in the second round and Joey Sindelar set a record with his 62 in the third round.

Pavin won $90,000 to boost his 1985 earnings to $205,385. His only other U.S. title came a year ago when he won at Houston, a victory that helped him to a rookie money-winning record of $260,536.

"To win a tournament like Colonial in only my second year and to set a record doing it is something I will cherish forever," said Pavin.

"I think this is one of the tournaments everybody on the tour wants to win other than a major. It is among the top few. I have never played this well before and it is encouraging for the future."

Bob Murphy, a 42-year-old veteran whose last victory came 10 years ago, was second with a closing, bogey-free round of 67 and a 270 total. "I'm not even disappointed at finishing second," said Murphy, whose runner-up check for $54,000 was his career most. " . . . I'm just very happy with the way I played." Murphy came to the final hole needing a par to capture second place, and he made sure of things by making a birdie CAPTION: Picture, Corey Pavin, 1984's leading rookie moneywinner, won $90,000 at Colonial. ASSOCIATED PRESS