The Hawks led by one point at three-quarter time but moved 25 points clear after Jarryd Roughead, who finished with eight majors, Buddy Franklin and Stuart Dew combined to kick five goals between them in the final term.
The Blues fought back with three goals after the 20-minute mark, and trailed by five points deep in time-on when Fevola, who had kicked eight goals of his own, took a mark.
He lined up from 30m out on a slight angle, but his shot cannoned into the post.
The ball was swept into Hawthorn's forward 50 and the siren sounded with the Hawks victorious 16.10 (106) to 15.12 (102).
Roughead won the David Parkin Medal for his eight goals and 20 touches, while his captain Sam Mitchell had 35 disposals and Brad Sewell – who ran with Chris Judd and Marc Murphy – 30.
For Carlton, Judd was sterling with 33 touches (11 in the third term), Fevola kicked 8.4 and Murphy collected 31 possessions.
Carlton honoured late former president Richard Pratt on the banner before the game, and the players wore black armbands in a tribute to the influential businessman.
Roughead set the scene for a big afternoon when he snared the first goal three minutes in after out-marking Bret Thornton, but the Blues responded over the next 14 minutes with a three-goal burst through Andrew Carrazzo, Fevola and Heath Scotland.
The Thornton-Roughead match up troubled the Blues again at the 18-minute mark when the burly Hawk snared a free kick and goaled. Roughead then marked in front of Scotland and later Setanta O'hAilpin, and took his first-term tally to four goals after he converted both opportunities.
The Hawks carried a 10-point lead into the second term, and despite Roughead's success against Thornton, Brett Ratten continued with the match up but slipped Jarrad Waite behind the ball to help out in a loose role.
The Blues got the first goal through Nick Stevens, but the Hawks hit back when Dew snared one on the run four minutes later.
The next one went Carlton's way when Fevola marked in front of Robert Campbell, but then the Blues paid the price when Waite turned the ball over in the forward 50 for Michael Osborne to register his first goal.
Roughead got another at the 22-minute mark before Fevola again outshone Campbell and then Eddie Betts won a free kick, cutting the margin to just two points.
But the Hawks replied again.
Roughead missed a sitter after marking unopposed, but reclaimed the ball seconds later when Waite made his second mistake of the term and fluffed the kick-in, directing it straight to the Hawks' leading goal-kicker.
The half time margin was nine points Hawthorn's way, with Roughead on six goals and Beau Dowler and Judd sharing the title of the busiest midfielders with 17 touches apiece.
The Hawks looked on the verge of blowing the game open early in the third when they had the first four scoring shots, but with just one goal from the opportunities, the Blues remained within three straight kicks.
Fevola kicked his fourth eight minutes in, which was followed up by a nice crumbing effort by Betts. The Hawks again answered with Mark Williams kicking his first, but inaccuracy from Franklin and Roughead saw some golden chances slip.
Carlton ended the term strongly with a major from O'hAilpin and a straight kick from Fevola as the siren sounded, which left the Hawks clinging to a one-point lead.
Roughead opened the final stanza with his seventh and Franklin finally etched his name on the scorecard six minutes in after marking in front of Paul Bower, but Fevola's goal at the 12-minute mark kept the contest alive.
The Hawks kicked the next three but Blues rallied and kept the contest alive with Kade Simpson and Fevola cutting the difference back, before Fev's errant final kick sealed the Hawks' triumph.
Hawthorn has a short week before backing up against Essendon on Friday night, while Carlton will travel to the Gold Coast to face Fremantle on Saturday night.
Hawthorn 5.0 9.2 11.9 16.10 (106)
Carlton 3.2 7.5 11.8 15.12 (102)
GOALS
Hawthorn: Roughead 8, Franklin 2, Dew 2, Brown, Osborne, Moss, Williams,
Carlton: Fevola 8, Betts 2, Carrazzo, Scotland, Stevens, O'hAilpin, Simpson,
BEST
Hawthorn: Roughead, Sewell, Lewis, Mitchell, Dowler, Dew
Carlton: Judd, Fevola, Murphy, Simpson, Carrazzo, Gibbs, Bower
INJURIES
Hawthorn: Nil
Carlton: Nil
Reports: Nil
Umpires: Margetts, McLaren, Armstrong
Official crowd: 69,014 at the MCG
