The 23-year-old from San Jose, California, surpassed the previous world record of 97 Krystals held by Japan's Takeru Kobayashi, set at last year's Krystal Square Off.
"We never thought we'd see someone anywhere near, let alone past the century mark when we started the Krystal Square Off in 2004," said Brad Wahl, vice president of marketing for The Krystal Company. "But when Roger Bannister broke the four-minute mile barrier more than 50 years ago, Joey Chestnut has set a new benchmark today for all moving forward."
Kobayashi, who won all three previous Krystal Hamburger Eating Championships, did not compete this year because of lingering jaw pain from having a wisdom tooth extracted in June.
The 29-year-old Kobayashi received chiropractic treatment for a sore jaw before losing his championship in the Nathan's Famous Fourth of July hot dog eating contest at Coney Island in New York.
Besides beating 12 other contestants and setting a new record Sunday, Chestnut also took home $10,000.