Verstappen has a five-point lead over Hamilton in the championship with five races to go.
Verstappen's car, pushed onto the sausage kerb at the Turn One chicane, ended up with its back wheel rolling over the top of his rival's Mercedes, narrowly missing Hamilton's head.
Red Bull's Max Verstappen leads seven-time world champion Lewis Hamilton by five points at the top of the drivers' standings.
Bottas finished the 18-lap dash 2.325 seconds ahead of Verstappen but will start at the back of the grid on Sunday as he is going to take a new power unit and will receive a penalty for doing so.
Verstappen collected 12.5 points instead of 25, with Russell getting nine for his second career podium and Hamilton picking up 7.5.
The British GP will go ahead in front of 140,000 fans around the Silverstone track.
The 21-year-old English driver goes into this weekend's Monaco Grand Prix in the fourth spot in the world championship.
Formula 1 2021: From Hamilton vs Verstappen to Schumacher vs Russell, driver rivalries set to dominate upcoming season
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Formula 1: Daniel Ricciardo will be under pressure to deliver for McLaren, says teammate Lando Norris
Ricciardo, 31, agreed to a three-year contract with McLaren as the British team aims to challenge the sport's superpowers.
Formula 1 2020: Red Bull's Max Verstappen fastest ahead of teammate Alexander Albon in final practice for Abu Dhabi GP
Verstappen led Albon by .5 seconds and Renault driver Daniel Ricciardo by .63. Ricciardo is competing in his last race for Renault before joining McLaren next year and has two third-place finishes this season.
Defending six-time champion Hamilton, who bids to capture a record-equalling seventh world title in Sunday's race, was only sixth in qualifying with his teammate Valtteri Bottas in ninth.
Formula 1 2020: Lewis Hamilton wins in Imola to hand Mercedes record seventh straight constructors' title
Formula 1 takes a break next weekend before returning for the Turkish Grand Prix on 15 November where Hamilton could wrap up a record-equalling seventh drivers' crown.
Hamilton’s Mercedes team-mate and nearest title rival Valtteri Bottas was third, nearly half a second off the pace, ahead of Pierre Gasly of Alpha Tauri and Ferrari’s Charles Leclerc.
French driver Pierre Gasly's car caught fire on Friday while there was a crash between Red Bull's Max Verstappen and Lance Stroll's Racing Point car.
Fernando Alonso was limited to 100km under the testing rules in a session officially being used to make a promotional film.
Formula 1 2020: Daniel Ricciardo to pick tattoo for Renault team principal Cyril Abiteboul after podium finish in Eifel GP
Ricciardo and Renault team principal Cyril Abiteboul had a bet that Abiteboul would get a tattoo of Ricciardo's choice if he could finish in the top three of a race this season.
In a touching tribute, Mick Schumacher presented Hamilton with one of his father's race helmets after he equalled the senior Schumacher's 91 wins.
Verstappen clocked a best lap in one minute and 43.744 seconds to outpace the Australian by 0.048 seconds, leaving championship leader Lewis Hamilton down in third for Mercedes, 0.096 adrift of the pace-setter.
It was the world championship leader and six-time champion's fifth win in Spain and his fourth in consecutive years, extending his record run of finishes in the points to 39.
Formula 1 2020: Daniel Ricciardo eyes podium finish at Spanish GP to win bet against Renault boss Cyril Abiteboul
Ricciardo and Abiteboul agreed that they would have matching tattoos if the Australian is successful in driving his French team's car to a top three finish this season.