The Hawks trailed by 19 points at the 16-minute mark of the fourth term, but kicked the last four goals of the game to win 15.8 (98) to 13.17 (95).
Collingwood midfielder Dayne Beams had a chance to steal the win for the Magpies with a set shot in the final minute but his kick faded left.
Hawthorn coach Alastair Clarkson was proud of the way his side was able to come back and win after it looked like all hope was lost.
“To forge a win against a quality side like that having been three or four goals behind in the latter part of the game was really pleasing for our group,” he said.
“In the first half, it was a real arm wrestle then it opened up in the second half and at different stages it opened up to their benefit rather than ours, but we hung in there … they’re a very resilient group.”
While the minor premier will face the Western Bulldogs in next week's qualifying finals, the Hawks must wait until the result of Saturday night's Sydney Swans-Brisbane Lions game for confirmation of whom and where they'll play.
The Magpies are likely to face the Dogs on Saturday night at the MCG.
There were no major injuries from the match, though Brent Renouf (corked thigh), Sharrod Wellingham (ankle) and Darren Jolly (broken nose) did require some attention.
Lance Franklin kicked six goals for Hawthorn while his captain Sam Mitchell had 30 touches, 11 tackles and 10 clearances.
Prolific Pie Dane Swan had plenty of the ball, and while he wasn't at his efficient best early, his four inside 50s in the first term were important. He also had 12 clearances for the game.
The Pies' renowned pressure was lacking in the first term and they failed to force the turnovers they had benefitted from all season.
In reply, the Hawks forced stoppages for a defensive low-scoring game and were helped by some inaccurate kicking for goal from the Magpies, who led by just four points at quarter time.
The Pies trailed by 10 points at the 17-minute mark of the second term, but stepped up their intensity to kick the last three goals and hold an 11-point lead at the main break, with late inclusion Leon Davis significant in the swing.
The game opened up in the third quarter - the sides kicking six goals each - with Mitchell giving the Hawks a real presence at the stoppages and in pushing the ball forward.
Franklin kicked his fifth goal to open the final term, drawing the Hawks to within five points and giving them the impetus for their strong finish.
Collingwood coach Mick Malthouse said his side was still well placed entering the finals despite the end of its winning run.
“We’ve got a reasonably healthy list and that’s an advantage,” he said.
“We’re not going to be the first or last side to head the ladder and lose the last game. I know it happened [before] one of the premierships we won at West Coast.
“Is it ideal? I don’t know. Is it poor? No. Is it panic stations? Absolutely not. Do we change the side? We see who’s available.
“We’ve got a minimum of two finals and that’s what we’re looking forward to.”
Ruckman Josh Fraser had the most hit-outs on the ground in his 200th game but didn’t have a huge impact around the ground with just seven disposals.
Hawthorn 1.1 3.5 9.7 15.8 (98)
Collingwood 1.5 4.10 10.12 13.17 (95)
GOALS
Hawthorn: Franklin 6, Rioli 2, Peterson, Ellis, Lewis, Whitecross, Roughead, Hooper, Young
Collingwood: Blair 2, Jolly 2, Davis 2, Beams, Sidebottom, Cloke, Ball, Shaw, Dawes, Swan
BEST
Hawthorn: Franklin, Mitchell, Sewell, Rioli, Ellis, Young
Collingwood: Swan,Beams, Pendlebury, Jolly, Shaw, Wellingham
INJURIES
Hawthorn: Renouf (corked thigh)
Collingwood: Johnson (illness) replaced in selected side by Davis, Wellingham (ankle), Jolly (nose)
Reports: Nil
Umpires: Vozzo, Rosebury, Nicholls
Official crowd: 76,218 at the MCG
The views in this article are those of the author and not necessarily those of the clubs or the AFL.
