The ministry said the road deaths were the result of 294 accidents. In 2019, 352 people were killed on New Zealand roads.
National road policing manager acting superintendent Gini Welch said any life lost on our roads was one too many.
"That's 320 people whose families were not able to see in the New Year with them. We can do better," she said.
"It's incredibly sad, and also frustrating. Police work hard every day to help prevent death and serious injury on our roads, but we can't do it alone."
White said everyone had a part to play by driving safely on our roads.
"Over the holiday period I'm urging drivers to make good decisions before getting behind the wheel and while they are on the road.
"Road to Zero places human wellbeing at the heart of our road transport planning. It means no longer viewing the deaths on our roads as a "toll" that we're prepared to pay for travelling on our roads."
The New Zealand Transport Agency said the lives lost in road accidents were a stark reminder of the urgent need to significantly improve road safety in New Zealand.
"As we enter 2021 our thoughts are with the whānau, friends and communities of every one of the 320 people who tragically died on this country's roads over the past 12 months," said the agency's general manager safety, health and environment Greg Lazzaro.
"While the number of road deaths in 2020 was fewer than in 2019, that is in the context of a year when there was very little road travel for several weeks during the Covid-19 lockdown, and by any measure it represents a tragedy for this country.
"Deaths and serious injuries on our roads are not inevitable, and we shouldn't accept that serious crashes are just another part of road travel.
"We're all human and we can all make mistakes, but every one of us also has the power to make the right decisions which will keep the roads safer for everyone."
Lazzaro said over the past 10 years, more than 3200 people had died in road crashes in New Zealand, and an estimated 23,000 had been seriously injured. Those were staggering figures that everyone needed to take notice of.
"There is nothing new in the circumstances of these crash deaths. Many have inattention, speed and alcohol as contributing factors.
In meantime, police urged everyone in New Zealand to make a simple New Year's resolution to help prevent further fatalities on our roads.
"You can do that by putting away your phone, ensuring you drive free from alcohol, drugs and fatigue, wear your seatbelt, and drive to the conditions within speed limits," said Welch.
The 2020 Christmas/New Year holiday road toll currently stands at nine, more than double last year's grim tally.
The worst annual road toll was recorded in New Zealand in 1973 when 843 people died and the lowest in recent years was 253, in 2013.
