With triple-premiership players Steve Johnson (suspension/knee) and James Kelly (suspension) watching from the sidelines, the Cats trailed by 30 points 24 minutes into the second quarter.
They fought back by kicking six unanswered goals either side of half-time, opened a 21-point lead midway through the last quarter, then survived a late comeback from the Hawks and won 13.15 (93) to 12.14 (86).
The result means Hawthorn is yet to beat Geelong since the 2008 Grand Final.
It also means the 'Kennett Curse' – said to have begun when, in the wake of the '08 decider, then-Hawks president Jeff Kennett said the Cats "lacked the mental drive" to beat his team – lives on.
Chris Scott's men looked slow and their kicking skills were terrible during the first half.
The Cats' gamble to field Trent West, who had knee surgery a month ago, and first-gamer Mark Blicavs in the ruck also looked to have backfired, as Max Bailey, Jarryd Roughead and David Hale helped Hawthorn dominate the centre clearances.
But a never-say-die performance from skipper Joel Selwood dragged Geelong back into the contest.
Selwood finished with 33 possessions, while Paul Chapman was another hero for the winners, turning back the clock back with a virtuoso performance that yielded 25 touches and a goal.
Billie Smedts, Mathew Stokes, Andrew Mackie and Corey Enright were other outstanding performers for the Cats, while Tom Longeran held Hawthorn star Lance Franklin to just two goals.
Tom Hawkins, who was well held by Josh Gibson for much of the afternoon, Smedts, Duncan and James Podsiadly all kicked two goals for Geelong.
Already without captain Luke Hodge (knee), the Hawks lost star recruit Brian Lake (calf) before the match, but it mattered little during the early stages.
The 2012 Grand finalists were ignited by youngster Bradley Hill, who picked up 10 possessions in a brilliant opening quarter.
However, Hill and many of his teammates faded after the long break as another extraordinary chapter in one of footy's great modern rivalries played out.
Sam Mitchell was a tireless performer for Hawthorn, finishing the afternoon the leading possession-getter on the ground with 37.
Hawthorn faces another extremely tough assignment next weekend when they travel to Perth for a Sunday clash with West Coast at Patersons Stadium.
Geelong will be aiming to ignite its season when it takes on another winless side, North Melbourne, at Etihad Stadium on Sunday afternoon.
HAWTHORN 4.3 8.9 10.10 12.14 (86)
GEELONG 1.5 5.7 10.12 13.15 (93)
GOALS
Hawthorn: Franklin 2, Breust 2, Savage 2, Lewis, Guerra, Hale, Rioli, Smith, Roughead
Geelong: Hawkins 2, Smedts 2, Podsiadly 2, Duncan 2, Chapman, Varcoe, Selwood, Mackie, Christensen
BEST
Hawthorn: Mitchell, Sewell, Birchall, Lewis, Schoenmakers, Rioli
Geelong: Selwood, Chapman, Mackie, Taylor, Smedts, Stokes, Enright
INJURIES
Hawthorn: Lake replaced in selected side by Bailey
Geelong: Nil
SUBSTITUTES
Hawthorn: Hill replaced by Anderson in the third quarter
Geelong: Caddy replaced by Horlin-Smith in the fourth quarter
Reports: Nil
Umpires: Stevic, Stewart, Nicholls
Official crowd: 76,300 at the MCG
