India won the toss and chose to field first.
Batting first, Australia scored 330/7 in their 50 overs with David Warner and Mitchell Marsh scoring centuries.
Warner remained top scorer with 122 runs from 113 balls which included nine boundaries and three sixes while Marsh remained unbeaten at 102 from 84 balls with the help of nine fours and two sixes.
Matthew Wade scored 36 runs from 27 balls while skipper Steve Smith made 28 runs of 37 balls.
Jaspreet Bumrah and Ishant Sharma each got two wickets while Umesh Yadav and Rishi Dhawan took one wicket each as well.
India, chasing 331 runs to win, reached the target in 49.4 overs with four wickets to spare.
Pandey was the highest scorer for the visitors as he made 104 runs from 81 balls with eight fours and a six.
Rohit Sharma missed out on his century by a single run as he was dismissed after scoring 99 runs from 108 balls while Shikhar Dhawan made 78 runs from 56 balls.
John Hastings took three wickets whereas Mitchell Marsh dismissed one batsman.
Australia win the five match series 4-1.