Unveiling their yellow shirts and blue shorts in Jakarta, academy players Chuba Akpom and Kristoffer Olsson scored on their first-team debuts as Arsenal poured on six goals after half-time.
Fittingly for the occasion, it was exhibition stuff and eclipsed English champions Manchester United, who lost 1-0 to the Singha All-Star XI in Bangkok in their first game under new boss David Moyes on Saturday.
Manchester United, Manchester City and Chelsea all have new managers this season, giving Arsenal hope that their stability under Arsene Wenger can finally help them end an eight-year trophy drought.
The yellow-shirted visitors laid siege to the Dream Team goal from the start, and academy striker Akpom, 17, passed up two good chances in the early minutes.
Akpom was only denied by some last-ditch defending when Aaron Ramsey's dangerous ball to the far post was nodded back into the six-yard box by Walcott, playing on the right of attack.
The opener never looked far away and Walcott duly slotted it from the edge of the box on 19 minutes after neat skills from Alex Oxlade-Chamberlain, in a strike which was warmly applauded by Wenger.
Serge Gnabry, another youngster hoping to impress Wenger, was also doing his career prospects no harm as he nearly doubled Arsenal's lead with a strong run and shot on 37 minutes.
The Dream Team were largely chasing shadows but they escaped to half-time without further damage -- before the floodgates opened as Wenger threw on first-team regulars including Podolski, Giroud and Tomas Rosicky.
Gnabry laid on Akpom's goal, a tap-in, after another marauding run down the left flank. Giroud also got off the mark from close range, on 70 minutes, before turning and blasting his second just three minutes later.
And Arsenal finished with a flourish of three goals inside the last seven minutes, starting with Podolski who received the ball from Tomas Rosicky and drilled home a left-footed shot in the 83rd.
Two minutes later, Swedish 18-year-old Olsson's goal also came courtesy of Rosicky and Eisfeld then smashed in the final strike off the underside of the bar to bring up Arsenal's seventh.
Arsenal next head to Hanoi where they will become the first Premier League team to play in Vietnam. They will then travel to Japan in a visit which includes a game against Wenger's former club, Nagoya Grampus Eight.
Man City shocked in South Africa
Manuel Pellegrini's spell in charge of Manchester City started with a defeat to South African side Supersport in the first match of the Premier League side's pre-season campaign.
Second-half goals from Mame Niang and Kermit Erasmus ensured that Pellegrini, who fielded a different team in each half in Pretoria, began with a defeat in the Nelson Mandela Invitational match at Loftus Versfeld.
The 2012 Premier League champions are next in action when they face AmaZulu in Durban on Thursday.
City's Spain internationals David Silva and Jesus Navas, a new signing from Sevilla will join the squad in Hong Kong next week, while Argentina internationals Sergio Aguero and Pablo Zabaleta will link up with their team-mates in South Africa later this week.
Bosnia international Edin Dzeko passed up two early openings at Loftus Versfeld, heading straight at Ronwen Williams from a cross from new signing Fernandinho.
Dzeko also shot straight at Williams after a poor throw out from the goalkeeper and Aleksander Kolarov prodded wide after swapping passes with Dzeko. Samir Nasri slid a ball through for Dzeko but he was twice denied by Williams.
George Maluleka also clipped a free-kick narrowly wide and only a fine sliding challenge from Vincent Kompany stopped Sameegh Doutie giving the South African side the lead.
Pellegrini changed his entire team at the break with Yaya Toure and James Milner among those brought on.
But the home side took the lead ten minutes into the second period when a cross from Innocent Mdledle was met by a towering header from Niang that beat Costel Pantilimon.
James Milner went close to pulling City level but his effort was blocked by Boalefa Pule after the England midfielder was played in by Alex Nimely and Ivory Coast midfielder Yaya Toure also drove well over the bar.
But Erasmus guided a low effort past Pantilimon after breaking on to a pass from Morne Nel to give Supersport a victory in what was also the first game in charge for their coach, Cavin Johnson.