Nuno Espirito Santo earned his first win as Nottingham Forest manager with a 3-1 victory against his previous side Newcastle, while Liverpool will move top of the Premier League if they avoid loss at Burnley later on Tuesday.
Wood departed Newcastle in June for Nottingham Forest in a £15 million ($19 million) move, although he has only scored four goals for his new team.
Last season, the 32-year-old New Zealand international scored two league goals for Newcastle, but he eclipsed that number with a triple in 60 minutes at St James’ Park.
Newcastle took the lead in the first half thanks to a penalty from Alexander Isak, but Wood equalized right before the interval.
He scored twice more in the second half to give former Tottenham boss Nuno his first win as Forest manager in his second game in charge after taking over for the dismissed Steve Cooper.
It was Forest’s first victory in eight games and just their second in the past 15 games.
Forest moved five points clear of the relegation zone with the remainder of the day’s fixtures still to play.
Newcastle’s fifth loss in their previous seven games in all competitions has dropped them to seventh position, seven points below the top four.
Nuno’s debut game in charge resulted in a heartbreaking 3-2 stoppage-time loss to Bournemouth at the City Ground last Saturday.
In the first few minutes, Morgan Gibbs-White blasted just wide as Forest attempted to forget Nuno’s debut.
Newcastle grabbed the lead in the 23rd minute when Ola Aina tripped Sweden attacker Isak in the area.
Isak rose to his feet and slotted the penalty past Matt Turner for his 10th goal of the season.
Anthony Elanga squandered two fantastic opportunities to equalize, first into the side-netting and then shooting straight at Newcastle keeper Martin Dubravka when a pass to the unmarked Wood seemed to be the better choice.
Wood that is lethal
Forest fought back, as Dan Burn’s goalbound shot was deflected by the visitors’ defense before they equalized in first-half stoppage time.
Elanga made toned for his previous gaffe by taking Gibbs-White’s ball and cutting back a low cross that Wood converted from close range.
Isak could have equalized for Newcastle seconds later, but his header lacked the strength to beat Turner.
Immediately after the intermission, Gibbs-White nodded millimeters beyond the post.
Forest took the lead in the 53rd minute, continuing their energetic second-half start.
With a beautiful through-ball from Elanga, Wood did the rest, twisting and turning until he had room to direct a calm finish past Dubravka.
Wood was in a good mood, and he finished his hat-trick on the hour, slaloming onto Murillo’s ball and slotting in around Dubravka.
Later on Boxing Day, a draw or victory over second-bottom Burnley would lift Liverpool above leaders Arsenal.
With a win against struggling Manchester United, third-placed Aston Villa will look to bolster their surprising championship campaign.
Sheffield United play fellow strugglers Luton Town, while Bournemouth visit Fulham.