The Hawks' 4.8 (32) to 3.7 (25) win on Friday night in Cairns is their greatest win since they joined the women's league in 2022.
The Kangaroos' sequence of 32 straight wins is the longest in AFL, VFL and AFLW history, and they won the past two premierships during that run.
It is a great start to the weekend for the Hawks, ahead of Saturday's AFL preliminary final against Brisbane, when they will also start as underdogs against the two-time defending premiers.
Hawthorn, who lost captain Emily Bates to an ACL rupture last weekend, set up the triumph with relentless pressure.
Midfielder Jasmine Fleming was outstanding, nullifying North captain Jasmine Garner in the second half.
North led by 10 points at the main break in blustery and humid Cairns conditions, but Hawthorn's Mikayla Williamson kicked the only goal of the third term and they pulled to within three points.
Four straight behinds gave Hawthorn the lead in the last term for the first time since the first quarter. Cairns native Jacqueline Dupuy then kicked a goal to give Hawthon a seven-point buffer at nine minutes.
But North were not done, with Blaithin Bogue kicking a goal against the run of play.
Inside the last two minutes, Hawks ruck Lucy Wales snapped the sealing goal.
North's last loss was the 2023 grand final against Brisbane. They then started the 2024 season with a win and a draw, before starting their historic streak.
Friday night's tally was also their lowest score since 2023.