We present a new Chandra observation of supernova remnant (SNR) G350.1-0.3. The high-resolution X-ray data reveal previously unresolved filamentary structures and allow us to perform detailed spectroscopy in the diffuse regions of this SNR. Spectral analysis demonstrates that the region of brightest emission is dominated by hot, metal-rich ejecta while the ambient material along the perimeter of the ejecta region and throughout the remnant s western half is mostly low-temperature, shocked interstellar/circumstellar medium with solar-type composition. The data reveal that the emission extends far to the west of the ejecta region and imply a lower limit of 6.6pc on the diameter of the source (at a distance of 4.5kpc). We show that G350.1-0.3 is likely in the free expansion (ejecta-dominated) stage and calculate an age of 600-1200 years. The derived relationship between the shock velocity and the electron/proton temperature ratio is found to be entirely consistent with that of other SNRs. We perform spectral fits on the X-ray source XMMU J172054.5-372652, a candidate central compact object (CCO), and find that its spectral properties fall within the typical range of other CCOs. We also present archival 24 I?m data of G350.1-0.3 taken with the Spitzer Space Telescope during the MIPSGAL galactic survey and find that the infrared and X-ray morphologies are well correlated. These results help to explain this remnant s peculiar asymmetries and shed new light on its dynamics and evolution.