McCullum was in devastating form as he butchered the Bangladesh bowlers with 11 fours and seven sixes in his 58-ball knock to leave the sparse crowd at Pallekele International Cricket Stadium spellbound.
The wicketkeeper batsman was on a record-breaking spree as his hundred was also the highest score in any Twenty20 International as well as in the short history of ICC World T20.
His earlier T20 International hundred -- 116 not out -- came in February 2010 in Christchurch against Australia.
The earlier highest score in T20 International stands in the name of West Indian swashbuckler Chris Gayle (117 in 2007 edition of the ICC World T20 against South Africa in Johannesburg) and South African Richard Levi (117 not out against New Zealand in Hamilton in February this year).
Gayle's 117 in the 2007 edition was the earliest highest score in ICC World T20. McCullum's hundred today was the fourth century in the ICC World Twenty20 history.
McCullum, who arrived at the crease in the fourth over at the fall of opener Martin Guptill (11), shared 94 runs for the second wicket with James Franklin in 10.9 overs to set up the big total after New Zealand were asked to bat.
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He was out off the last ball of the innings, handing a catch to Tamim Iqbal off Abdur Razzak.
New Zealand made a slow start and lost opening batsman Martin Guptill cheaply early in the innings but once McCullum strode into the pitch, the Kiwis changed gear with a flurry of fours and sixes.
Guptill fell in the fourth over as he was cleaned up by a Abdur Razzak delivery and the Kiwis were just 29 for one at the end of the fifth over.