Quantum materials with layered kagome structures have drawn considerable attention due to their unique lattice geometry, which gives rise to flat bands co-existing with Dirac-like dispersions. The interplay between strong Coulomb correlations and nontrivial band topology in these systems results in various exotic phenomena. Recently, vanadium-based materials with layered kagome structures are discovered to be topological metals, which exhibit charge density wave (CDW) properties, significant anomalous Hall effect, and unusual superconductivity at low temperatures. Here we exploit high-resolution angle-resolved photoemission spectroscopy to investigate the electronic structure evolution induced by the CDW transition in a vanadium-based kagome material RbV3Sb5. A remarkable band renormalization in the CDW state is observed, which is consistent with first principles calculations based on an inverse star-of-David superstructure. The CDW phase transition gives rise to a partial energy gap opening at the Fermi level, a shift in the band dispersion, and most importantly, the emergence of new van Hove singularities associated with large density of states, which are absent in the normal phase and may be related to superconductivity observed at lower temperatures. Our work would shed light on the microscopic mechanisms for the formation of the CDW and superconducting states in these topological kagome metals.