The wicket keeper blasted 128 off just 116 deliveries as the Dynamos cantered to their target of 241 with 15 balls to spare.
Mustard was supported by good knocks from Michael Di Venuto and Ben Stokes who scored 53 and 24 respectively as the Dynamos blasted the Bears bowlers going at nearly seven runs an over for the majority of the innings.
Earlier Mitchell Claydon was the pick of the Durham bowlers as he grabbed three wickets as the visitors posted 240-5 mainly thanks to innings from William Porterfield (74) and Jim Troughton (50).
After winning the toss Warwickshire skipper Troughton elected to bat first and this looked a good decision as the Bears got off to a decent start through openers Varun Chopra and Neil Carter.
Carter made 16 before he was the first man out as he edged a ball from Claydon into the hands of Mustard to leave his side 25-1.
This brought Porterfield to the crease and he along with Chopra began to rack up the runs for the visitors as they put on 50 together for the second wicket.
However this partnership was ended by Paul Collingwood who claimed the wicket of Chopra lbw for 34 as the batsman looked to up his scoring rate.
Porterfield and his new partner Troughton continued to find the boundaries however as the Bears past the 100 mark with the Irishman in particularly good touch as he crashed seven fours and one six in his innings of 74.
The pair reached their 100 partnership in the 34th over however both fell in the next two deliveries in identical fashion as they chipped the ball to Ian Blackwell at mid-off off the bowling of Claydon as they looked to move the Bears past 200 in the batting powerplay.
England international Chris Woakes didn’t last long at the crease as he was caught behind by Mustard to leave Warwickshire reeling at 196-5.
Rikki Clarke and Keith Barker rallied the innings in the last five overs with Barker in particular hitting a blistering knock of 29 off 20 balls including two huge sixes to help the Bears post a competitive 240-5.
Durham needed a good start from openers Di Venuto and Mustard and that’s just what they got as both batsman found the boundaries easily early on.
Along with good hitting the pair rotated the strike regularly to keep the scoreboard ticking over which frustrated the Bears fielders.
Mustard was the first of the two to reach his 50 as he reached the milestone off 46 balls which included 8 fours and Di Venuto reached the landmark balls later when he crashed two boundaries to reach 50 and also bring up the 100 partnership between the pair.
However Di Venuto departed when he was caught at extra cover by Piolet off the bowling of Barker for 53 to leave the Dynamos 110-1.
Mustard was joined in the middle by Ben Stokes and they continued the Durham assault on the Bears bowling in a stand of 47 in just six overs as the Stokes hit two fours and a six in his knock of 24 on his return to the side following an injury lay-off.
His innings was brought to a end by Chris Metters who clean bowled the left-hander and Durham soon lost another wicket when Gordon Muchall was out lbw to the same bowler to leave the home-side 163-3.
Mustard continued his superb knock and reached his 100 in the 34th over off just 91 balls as the Dynamos closed in on victory as he along with Collingwood edged Durham closer to the 241 total.
The home-side lost the Collingwood and Benkenstein in just the space of a few balls however this didn’t stop Mustard securing victory for the Dynamos as he scampered a quick single to reach the winning mark.
The victory leaves Durham second in the Clydesdale bank 40 Group B table as the county push for silverware on three fronts. The Dynamos next game is against Nottinghamshire in the County Championship starting on Tuesday 2nd August at the Emirates Durham ICG.
At the close of play Phil Mustard said, “We were one win away from the top side of the group and we spoke this morning about how somebody had to go on and win the game and I was pretty happy with my performance to be honest. Everything was pretty nice and comfortable and I was pleased to score the runs today.
“It’s nice having Diva back to open with, back when we won the Friends Provident Trophy in 2007 we had some good partnerships and to have him back at one end scoring the way he was made it a lot easier. I didn’t have to play too many extravagant shots because Diva got us off to a flying start. Once he was out I had to try and take the game forward.
“I think 240 was above par for that wicket so as a unit we did well to chase that down.”
Thanks to Simon Sinclair