Owen struck 108 in 42 balls in the competition decider on Monday night, plundering the competition's equal-fastest century to thrill a capacity crowd at Bellerive Oval.
Set 183 to win, Hobart reached 3-185 with 35 balls to spare, with Matthew Wade (32 off 17) also superb late on.
While Ben McDermott struck the winning runs with a ramp over the wicketkeeper, sparking purple fireworks in the Tasmanian capital, there was no doubting who the night belonged to.
Owen, the hometown hero, wasn't even a settled name in the XI at the start of the campaign.
Owen was irrepressible, bringing up his hundred off just 39 balls en route to 108 off 42. (Linda Higginson/AAP PHOTOS)
After a shift up the order, the 23-year-old is now the brightest new Australian prospect in short-form cricket.
The New Town product raised his bat for a half-century in just the fourth over, powering on with 11 sixes - a BBL final record - and six fours.
Wes Agar went for particular punishment: three sixes in four balls in an early sign of Owen's intent.
The innings also confirmed Owen's place as this BBL's leading run-scorer, overtaking David Warner mid-way through his huge score.
Owen had a chance to strike the fastest outright century in BBL history, only for a boundary to fall just short of the rope.
Owen's extraordinary hitting turned a tricky victory target into a victory procession for Hobart (Linda Higginson/AAP PHOTOS)
Instead, he tied Craig Simmons' 39-ball century from 2014, winning plaudits from his teammates.
"That was next level hitting that made it pretty easy for us at the end," Wade said.
The 15,706-strong sellout crowd chanted Mitchell Owen's name over and over as the run-rate required ticked down, making their success a formality.
"That was super special," Owen said.
"The most special thing is hearing everyone in the crowd enjoying it. And I'm so grateful, I'm so proud that we could bring this trophy to Tassie."
The state's favourite son Ricky Ponting, also the team's head of strategy, called Hobart's achievement "astronomical".
"Take a bow you boys in purple," the former Test captain said in commentary.
Purple haze: Hobart fans turned out in force at Bellerive Oval and went home ecstatic. (Linda Higginson/AAP PHOTOS)
The Thunder came into the final as underdogs and were sent in after losing the toss, but had every right to be pleased with their tally of 7-182, powered by a 97-run opening stand between Jason Sangha and David Warner.
Both looked set to notch half-centuries but Warner fell in the 11th over.
Nathan Ellis arrested the Thunder's innings with two wickets in two balls, falling agonisingly short of a hat-trick.
Warner edged a slog to Matthew Wade, who caught well, before Matthew Gilkes lowered his colours a ball later, dangling his bat and playing on for a golden duck.
Ellis was just metres short of a triple, with Sam Billings prodding at a ball which landed just shy of Tim David at mid-off.
Skipper Nathan Ellis starred with the ball for Hobart, taking 3-23. (Linda Higginson/AAP PHOTOS)
The Hurricanes captain was superb, conceding not a single boundary on his way to 3-23, with Riley Meredith also sharp with 3-27 including two 19th over wickets in a late innings squeeze.
It was impossible to wipe the smile off Meredith, another Tasmanian, as celebrations began.
"I've been a fan of the Hurricanes since BBL1," he said.
Hobart's success, in the 14th edition of the revamped domestic T20 competition, leaves the Melbourne Stars as the only side without a title.
Hurricanes looked like easybeats after the opening match, when they were rolled for 75, before rebounding to win seven straight and the minor premiership.
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