For KXIP, who made a fine comeback in the second part of the KTK innings, left-arm spinner Bipul Sharma was the most successful bowler with 2/32 while Ryan Harris, Shalabh Srivastava and Piyush Chawla took a wicket each.
Jayawardene and McCullum were in a punishing mood, hitting the KXIP bowlers all over the park in the initial overs on a ground which had short boundaries and fast outfield.
The duo reached to 50 in just 5.2 overs and KTK were 62 for no loss after the first powerplay of six overs.
Bipul Sharma finally gave KXIP the breakthrough in the ninth over removing McCullum, LBW after the batsman missed the line while playing a sweep shot. McCullum hit two fours and as many sixes in his 27-ball stay at crease.
Ravindra Jadeja (17), who came in at the fall of McCullum, smote Chawla for a huge six in the second ball he faced but was lucky to get a reprieve as he was dropped by Paul Valthaty at the slip in the third delivery.
KTK maintained their 10-run per over rate as they reached 103 for one after the halfway mark and Jayawardene reached to his fifty in style with a six off Chawla in the 12th over.
His fifty, third in IPL 4 from 12 matches, came from just 30 balls and studded with six fours and three sixes.
KTK lost momentum after the fall of the first wicket with Jadeja out LBW in the 14th over off Chawla and David Hussey (4) following suit after two overs, holing out to Shaun Marsh at midwicket.
Scoring rate dropped and despite Owais Shah's 12-ball 23, which was studded with two sixes and a four, KTK could not go past their highest total -- 184 for two against Mumbai -- while batting first in the tournament so far.
Shah was run out in the penultimate over while going for a cheeky second run while Parthiv Patel was dismissed for a duck in the first ball he faced.
In Image: Kochi Tuskers Kerala batsman Brendon McCullum (L) and captain Mahela Jayawardene run between wickets