The Cherries winger fired in two spot-kicks in the first half, before tucking home his third away at Molineux in the 74th minute.
In doing so, he has become the first player in the Premier League's 32-year history to achieve the astonishing feat.
And the Dutchman - son of legendary striker Patrick - has also become the first to score a hat-trick of penalties in a top-flight match since 1957.
Ken Barnes was the last player to do so in the league for Manchester City against Everton 67 years ago.
But talkSPORT co-host Darren Bent, on commentary duty at Molineux, has joked that the piece of history should have been his.
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Bent could have become the first to do in 2010 when playing for Sunderland against Tottenham, as he scored one and missed two in 3-1 win.
Speaking on air, he said: "I could have been the one to set the history because I remember against Spurs, I took three, missed two and scored one!"
Kluivert is also the first player to do so in any competition since Liverpool cult hero Jan Molby in a League Cup tie with Leicester in 1986.
It's not just Kluivert that created Premier League history in the Midlands either.
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His teammate Evanilson has become the first player to win three penalties in a single match.
There was just one minute on the clock when Bournemouth were awarded a penalty when the Brazilian striker was fouled by Toti Gomes.
Up stepped Kluivert to dispatch in the bottom right corner, before going the opposite direction in the 17th minute.
Bournemouth's second penalty of the game came as a result of Jose Sa inadvertently wiping out Evanilson after the ex-Porto star pipped him to the ball as the goalkeeper was preparing to make a pass.
And it was Sa who gave away another penalty in the second half after clattering into the 25-year-old.
This time Kluivert rolled his effort from 12 yards into the bottom right corner to write his name into history.
Kluivert has now banged in five Premier League goals this term - just two shy of equalling his tally from last campaign.
Four of his strikes have come from the penalty having also found the back of the net from a spot-kick in the 2-0 win over Arsenal in October.
The result lifts Bournemouth up to 11th in the table - just one point off Newcastle in tenth.
As for Wolves, they have failed to make it three consecutive wins, with their defeat seeing them remain in 18th spot.