The 36-year-old, who won both of Monday's races, completed his treble in the Supersport class with a commanding 17.5 second win over Michael Dunlop.
The Yorkshire racer led from start to finish and said: "It is astonishing - the bike is a proper bullet."
Dean Harrison completed the podium positions, 16.5 seconds down on Dunlop.
Hutchinson has now won four consecutive Supersport TT races representing Prodigy frontman Keith Flint's Team Traction Control.
His 14th win means he is now the joint third most successful solo rider in the event's history behind John McGuinness (23) and Joey Dunlop (26).
In 2010, Hutchinson became the first man to win five solo TT races in a year. But just a few months later his career looked to be over after he almost lost a leg following a crash at Silverstone.
Last year, though, he returned to the Isle of Man and won three races..
He added: "To be mentioned alongside names like Mike Hailwood is incredible. He was a legend."
Hailwood, also known as "Mike The Bike", was renowned for his stylish riding and his last win came in the 1979 Senior race.
The 600cc race was put back two hours because of mist on various parts of the course. Hutchinson, riding a Came Yamaha, led Dunlop by four seconds at the end of the first circuit thanks to an opening lap of 127.45mph.
He extended his lead after lap two to seven seconds with an improved lap speed of 127.736 - the fastest of the race - and went on to secure a comfortable victory.
James Hillier, Bruce Anstey and Lee Johnston completed the top six, with Manxman Conor Cummins seventh.
Ian Hutchinson has claimed a hat-trick of TT wins for a second consecutive year to join Mike Hailwood on 14 victories at the Isle of Man event.