Chasing the mammoth total was never going to be easy and the feat proved too much for Australia who were bowled out for 239 to slump to their biggest ever margin of defeat - usurping a 206-run loss to New Zealand in Adelaide 32 years ago.
England's Jonny Bairstow celebrates reaching his century against Australia.
But the home batsmen were rarely troubled on a road of a wicket as 21 sixes rained down on the ground where the Test side were bowled out for 60 on Australia's last visit three years ago. Both were dismissed by Jhye Richardson in the 48th over. The Prince of Kolkata took to Twitter to explain why he was "scared" soon after England overhauled their previous best of 444 runs in ODIs which came against Pakistan in 2016.
Travis Head top scored with 51 with Marcus Stoinis (44) the only other batsman to score more than 25.
Once again it was spin that did the damage with Adil Rashid taking 4-47 and Moeen Ali 3-28.
Bairstow (139) and Jason Roy (82) were England's first two driving forces in an opening stand of 159 which was broken only when the latter was run out by an excellent throw from D'Arcy Short in the leg-side deep, trying to steal a tight second run in the 20th over.
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Bairstow had two scares, overturning an lbw verdict on 27 sweeping at Ashton Agar and escaping a very hard chance to Marcus Stoinis at deep mid-off three runs later off Andrew Tye, but he powered on to a 69-ball century.
England failed to score any boundaries in the last four overs - but before that they struck 21 sixes during an incredible display of strokeplay.
England's openers set a remarkable tempo, and Australia had no answer as Tim Paine deployed eight different bowlers in the first 24 overs - to no avail.
But an attack missing injured Ashes-winning fast bowlers Mitchell Starc, Pat Cummins and Josh Hazlewood, struggled for line and length in overcast conditions on a ground favouring swing bowling, with medium-pacer Andrew Tye's nine wicketless overs costing 100 runs.