The result was underpinned by a $100,000 donation from Sandfire Resources.
The ball was founded by Victoria Fitzgerald, wife of Sandfire chief financial officer Matt Fitzgerald, who are the parents of a brain cancer survivor.
"This is an absolutely incredible result and we are proud and humbled by the generosity of so many people," she said.
"Given the challenges which all charities have faced this year due to the impact of COVID-19, we are delighted to have achieved a record fundraising total.
"It is only through research that we will be able to tackle and one-day beat this horrible disease, and the funds raised on Friday night will go a long way to ensuring that the world-class research going on right here in Perth can continue its momentum, providing hope for so many families."
This year's ball saw 530 guests enjoy outstanding Brazilian-themed entertainment and food in the Crown grand ballroom.
The event has raised over $1.5 million since its inception in 2016.
Funds raised will be directed to research to improve survival rates and discover less damaging treatment options, including reducing the severe impacts of radiotherapy, advance the highly promising area of immunotherapy research, as well as funding the BrainChild Fellowship, held by Dr Raelene Endersby, co-head of the Brain Tumour Research Program (BTRP) at Telethon Kids Institute.
Sandfire's staff also launched their own research fundraising event - a 1000km, week-long ride from the DeGrussa copper-gold mine site to Perth, planned for mid-2021.
Others were nominated to follow in the footsteps of Pilbara Minerals' Ken Brinsden, Byrnecut's Pat Boniwell, Western Areas' Dan Lougher and Gilbert + Tobin's Michael Blakiston to "walk the plank" at HBF Stadium's diving pool later this summer in the name of childhood brain cancer research.