McCullum faced 308 balls in 543 minutes before the Kiwis declared at tea on 448-8, setting India an improbable 327-run target to win in the final session at Rajiv Gandhi International Stadium.
India reached 68-0 in its second innings with Virender Sehwag on 54 and Gautam Gambhir on 14 when stumps were called.
New Zealand, ranked eighth by the ICC, had started the final day only 115 runs ahead with six wickets in hand, giving India hope of pushing for victory if it could take early wickets.
But a resolute McCullum denied the top-ranked Indians, the flamboyant 29-year-old batsman striking 22 fours and four sixes and reaching the 200-run mark with a predetermined scoop to fine-leg off part-time spinner Suresh Raina.
McCullum justified being promoted to opener for the first time in his Test career during this series, measuring up to pace and spin with confidence. He was not afraid to come down the pitch to the fast bowlers, although that led to his downfall.
After having advanced to hit pace bowler Shantakumaran Sreesanth for a four through the mid-off region earlier in the over, he tried to attack him again, only to scoop a slower delivery to Raina at mid-on.
McCullum improved upon his previous highest score of 185 against Bangladesh at Hamilton earlier this year.
He was involved in a 124-run stand for the fifth wicket with Kane Williamson, which took the Black Caps through the opening session with ease as India's bowlers failed to threaten on a perfect batting strip. Williamson, who struck a century on debut in the first Test at Ahmedabad, scored 69 off 146 delivers with nine fours.
The 20-year-old Williamson, resuming on 12, was fluent against the seam bowlers and reached 50 off 77 deliveries.
He couldn't show the same fluency against the spinners and was trapped lbw by Harbhajan Singh shortly after lunch.
Williamson had earlier struck Sreesanth for three fours in an over shortly after the second new ball was taken.
"We needed to see off the first hour and I am happy that McCullum and Williamson played positively," Kiwis skipper Daniel Vettori said. "We are pleased with our batting and happy that the final match will decide the series." Vettori, however, added that they were not looking for another draw in the final Test from Saturday in Nagpur.
"We are not satisfied and are looking to win a Test match," he said. "We had our positives from this match and had Harbhajan and Sreesanth not put on those runs (105) for the last wicket in their first innings, we would have had a chance to push for victory.
Sreesanth and new-ball partner Zaheer Khan, who injured his groin and could not bowl for most of the second innings, did little to pressure the batsmen on the final day. In fact, the runs flowed more freely after the new ball was taken at 259-4. Khan has been replaced by fellow left-arm seamer Jaidev Unadkat for the last Test.
"We could not use Zaheer much and not having him in action was only to ensure he does not aggravate his injury and be out of action for 2-3 months," India captain Mahendra Singh Dhoni said. "There has been no help for bowlers in these two matches and, but for one hour in the first match when Chris Martin dominated the batsmen, there has been very little for the bowlers." India started the series as the firm favorite, coming off a home Test series win over Australia, while New Zealand arrived off the back of a 4-0 one-day series loss to Bangladesh.
After the final Test from Saturday in Nagpur, the teams will play a five-match limited-overs series.
