Maalan hit his maiden international century off jut 48 balls as England raced to their highest T20 score after posting 241 for three against the hosts in Napier.
That haul surpassed their previous highest T20 score - the 230-8 against South Africa in th 2016 World Cup.
In a brutal display of hitting, skipper Eoin Morgan also registered England's fastest 50 in a T20 cricket - reaching his half-century off just 21 balls.
His former Middlesex teammate Malan became just the second Englishman to reach three figures in this format after Alex Hales.
Morgan meanwhile fell just short of his own century, departing for 91 off 41 balls in the final over with Malan unbeaten on 103.
England, trailing 2-1 in the five-match series, were asked to bat first after Morgan lost the toss.