Maxwell struck 14 fours and nine sixes during his 65-ball stay to help Australia break a nine-year record held by Sri Lanka, who scored 260/6 against Kenya in 2007.
Skipper David Warner gave the visitors a fiery start with his 28 runs off 12 balls as he put on a 57-run opening partnership with Maxwell to lay a solid foundation.
Off-spinner Sachithra Senanayake bowled Warner on a looping delivery that held its line to take the off stump, but Sri Lanka's joy was shortlived as Maxwell was just warming up at the other end.
Debutant left-arm spinner Sachith Pathirana got Khawaja trudging back to the pavilion, only to see Travis Head join forces with Maxwell.
Maxwell and Head, who scored an 18-ball 45, then put on 109 runs for the third wicket as there were raining boundaries at a packed Pallekele International Stadium.
Maxwell fell 11 runs short of teammate Aaron Finch's top T20 score of 156 as he faced a single ball in the final over of the innings.
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