England international Owen, who struck twice in the second half, had scored four goals for Liverpool in a 6-0 win on his last visit to The Hawthorns in 2003.
This time he may have only have scored two but it was more than enough to help Newcastle continue their recent revival as they followed up last weekend's derby success over Sunderland and the midweek Carling Cup win at Grimsby with another victory.
Alan Shearer, who had started the game on the bench, underlined Newcastle's supremacy with their third 10 minutes from time as United sealed their first win at West Brom in 33 years.
Owen could easily have matched his tally from his Liverpool days as he squandered three first-half openings and also had a header cleared off the line.
Having been frustrated by his finishing in the first-half, Owen struck almost immediately from the kick-off at the start of the second period. He expertly flicked home a left-wing cross from Charles N'Zogbia at the near post.
Falling behind served as something of a wake-up call for Bryan Robson's Albion side, who had failed to get a shot on target in the opening 45 minutes.
They were transformed after they found themselves trailing and had more then enough chances to have forced their way back into the game when they were behind by just one goal.
But Robert Earnshaw was frustrated on no fewer than four occasions as Albion slipped to their second successive league defeat - and their seventh in the last nine games.
Wales striker Earnshaw missed an open goal when he failed to connect with a 52nd minute cross from Jonathan Greening.
Five minutes later he was denied by goalkeeper Shay Given after Junichi Inamoto's shot was deflected into his path off Jean-Alain Boumsong.
Earnshaw then shot wide before again being foiled by Given as one of Albion's best 45 minutes of the season left them with no reward.
They were made to pay for failing to take those chances when Owen and Shearer struck twice within three minutes to kill off Albion's comeback hopes.
Owen steered home his fourth goal of the season at the near post after a cross from Kieron Dyer in the 77th minute following good work by Shearer.
Then Shearer set the seal on a good afternoon's work for Graeme Souness' side by converting another right wing centre from Peter Ramage.
Owen had given a sign of what was to come as he posed the greatest threat for Newcastle in a lukewarm first half.
The former Real Madrid marksman was expertly picked out by a 14th minute throughball from the impressive Scott Parker only to see his drive deflected to safety.
Owen was then inches away from connecting with a Nolberto Solano free-kick in the 23rd minute when he ghosted in unmarked at the far post.
When Owen finally did manage to get an effort on target he was denied by goalkeeper Tomasz Kuszczak after 37 minutes.
Once again, the England striker was able to drift unmarked into the penalty area where he was picked out by a neat pass from N'Zogbia. He only had Kuszczak to beat but the Pole, in the side as a replacement for the injured Chris Kirkland, spread himself to beat away the shot.
Boumsong then followed Owen's lead when he headed a cross from Parker over the bar.
Having spent much of the first half on the defensive, Albion's own attacking threat was at a premium.
The closest Albion came to breaking the deadlock was when Curtis Davies headed an Earnshaw corner over the bar after 42 minutes.