But his manager, Andoni Iraola, came close to preventing it.
Kluivert fired in two spot-kicks in the first half at Molineux, before tucking home his third away in the 74th minute.
In doing so, he became the first player in the Premier League's 32-year history to achieve the astonishing feat.
And the Dutchman - son of legendary striker Patrick - also became 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.
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Speaking after the game after being made aware of the feat, Kluivert said: "That sounds beautiful. To go in the history books, that's amazing, super happy with it.
"I train them [the penalties]. We have a great keeper with Kepa.
"We try some stuff, the first one I stop, and look at the keeper, what is he doing? I switch it up for the second one.
"Then the third, he doesn't know what I'm going to do. I waited and he chose for me. Easy as that."
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However, Kluivert may never have had the chance to score a third if Iraola had gone through with one of his thoughts.
The Bournemouth boss admitted post-match that he considered taking his winger off the third penalty.
Iraola said: "I don't remember it happening before, it has to be difficult, especially the last one.
"I was not completely sure I should allow him to take the third one."
"It is difficult I suppose, every time you shoot the first one, you give information to the goalkeeper," he continued.
"You have been preparing in the week, he has had two different approaches in the first two, I was not full sure the third one on what he was going to do, but he has been very, very good.
"I suppose he would not have been happy [if I took him off the third penalty], but in the end I have to think of the points.
"I didn't take the decision to say anything. I hoped they would decide the right thing."
Iraola leaving him on the spot-kick also meant Kluivert was the first player to score a hat-trick of penalties in any competition since Liverpool cult hero Jan Molby in a League Cup tie with Leicester in 1986.
It wasn't just the Dutchman who created Premier League history in the Midlands either.
His teammate Evanilson became 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.
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The result lifted 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.