The world's top-ranked player was at 11-under 133 overall in the event at Sherwood Country Club in Thousand Oaks.
After play was delayed one hour due to morning frost, Woods birdied the first two holes on his way to 10 birdies overall -- including on four of the course's five par-fives -- and no bogeys.
"I left myself in some good spots" on the greens with approach shots "and that was key," Woods said. "My putts really weren't that difficult to make."
This is the 15th edition of the tournament that benefits the Tiger Woods Foundation, and Woods is a five-time winner.
Woods set the record of 62 in the second round in 2007 on his way to winning the tournament by a record seven shots.
The tournament's purse is $3.5 million, including $1 million to the winner.