Wednesday evening's drawing was the 12th consecutive drawing with no winner, bringing the pot to $320 million from $260 million, ABC News reported.
Although no one won the jackpot, Powerball players from Florida, Kentucky and Ohio each won $1 million for matching the first five numbers.
This is the third jackpot in the past year to exceed $250 million, officials said.
The game's all-time-high jackpot was $587.5 million, which was reached in November. Two people split that prize.
"We redesigned the game and with more money going into the game, the jackpot prize pool has doubled so more people are playing because the jackpot is growing higher," Multi-State Lottery Association President Jim Haynes said.
"For $2, it's inexpensive entertainment and you can buy a part of the dream," Haynes said.