Tottenham 1 Newcastle 4
Kevin Keegan's men fell behind to Darren Bent's opener but goals from Nicky Butt and Geremi put the visitors ahead before Owen scored his third in as many games for his club.
Obafemi Martins added a fourth with eight minutes remaining, latching onto Joey Barton's pass and finishing calmly to seal the points.
It took Newcastle into the relative comfort of 12th place, and with 35 points they can almost start looking towards next season.
Managers towards the wrong end of the table say that back-to-back wins get teams out of trouble and Keegan has now provided that in style.
He waited two months for his first and now, like buses, two have come in quick succession.
The first came against a woeful Fulham side last week but this one, despite Spurs having little to play for, took character to come from a goal behind to turn it around and send the Newcastle fans home jubilant. "Keegan is our king,'' they sang.
Keegan had never met Spurs boss Juande Ramos but there were plenty of reunions elsewhere between the two teams, with Newcastle assistant boss Chris Hughton returning to his former club and Dennis Wise in the directors' box gesturing to his close friend Gus Poyet on the Spurs bench.
Jonathan Woodgate welcomed the Newcastle staff he worked with at St James' Park - then almost gifted his former side a fifth-minute opener.
His careless clearance went as far as Habib Beye, who composed himself in the penalty area but cracked his finish off the crossbar.
In Newcastle's bright opening, Paul Robinson was called into action to stop Martins' low drive when he found a yard of room on the edge of the box.
It was an easy save from Robinson, but there was nothing straightforward about his stop to deny Barton, who angled a drive towards the bottom corner after Spurs failed to deal with a throw.
Spurs applied early pressure of their own, with Robbie Keane at the heart of their attacks. He sent Bent through but Steve Harper saved the tame shot.
Keane had a penalty shout turned down when Abdoulaye Faye climbed on him to head clear and from the corner he was almost on the goalline when he stabbed wide, following in Woodgate's saved header.
For all of Keane's invention, it was Bent who opened the scoring in the 26th minute.
Steed Malbranque was given time on the left flank to switch the ball to his favoured right boot, then he swung over a cross that Bent glanced into the far corner.
Keegan had just given the visiting supporters the thumbs up but threw his arms in the air in disbelief at the simplicity of the opener.
It could have been worse when Bent raced through again. He was denied by Harper rushing out and Dimitar Berbatov blasted the rebound over the crossbar.
Faye had the ball in the net for the visitors before the break but there were no protests when it was ruled out of offside. Barton felt he had a more legitimate claim for a penalty when Michael Dawson used his body to block the ball.
Newcastle's equaliser came with seconds remaining in the first half, with Butt steering home after Geremi had pulled the ball back to the edge of the area.
Their second came in the 52nd minute after Woodgate had fouled Martins on the edge of the area. Geremi's free-kick went through the wall, leaving Robinson flat-footed.
Geremi could have inflicted more damage when he raced down the right but he was stopped by Jamie O'Hara, earning the Spurs youngster a booking.
The Ramos response was to bring on Aaron Lennon and Adel Taarabt, with Keane and Malbranque making way.
The third, however, arrived in the 65th minute from Owen, meeting Mark Viduka's flick with a first-time finish after Geremi played the ball into the danger zone.
Martins added gloss to scoreline, with his finish delighting the travelling support.
Newcastle took a huge stride towards safety following the 4-1 victory at Tottenham and Kevin Keegan believes they can even target a top-half finish.
Keegan's men came from a goal behind at White Hart Lane to lift themselves to the relative comfort of 12th in the Barclays Premier League, virtually assuring themselves of survival.
The difference between Newcastle and the relegation zone is now nine points - the same gap they have with West Ham in the top half.
'We're definitely not safe yet but we can look up not down,' Keegan said.
'We could catch Spurs up and we could catch up West Ham. People would have said that was ridiculous a few weeks ago.
'We have three home games and three away left and playing like this, I think the players will look forward to playing anybody.'
Newcastle have now recorded back-to-back wins, with Keegan seeing enough to suggest there may not be the need for radical changes to the squad in the summer.
'I'm saying to the staff that if we can add little bits to this it could be quite exciting,' he added.
'There is quite a lot here. Sometimes it gets lost when you are on a bad run.
'When they play like that you think we don't need an awful lot to set us alight, just two or three. And the players would welcome that. They will have to be very good players to better us.'
Darren Bent had headed Spurs into the lead when he glanced a header in from Steed Malbranque's cross, but the revival was under way when Nicky Butt steered home from the edge of the area.
Geremi edged Newcastle ahead with a free-kick just after the restart that went through the defensive wall and left Spurs goalkeeper Paul Robinson flat-footed.
The points were sealed when Keegan's three strikers combined. Obafemi Martins played the ball through, Mark Viduka flicked on and Michael Owen finished first time.
Martins extended the lead eight minutes from time when he raced through, latching onto Joey Barton's pass and finishing calmly.
'I might put a couple more forwards in next time!' Keegan added.
'This is the right way to play with the players and fixtures we've got.
'You look at our defensive record and to try to defend puts pressure on your defenders. They know that maybe they can concede a goal and have enough to win.
'You dream about playing like that away from home. You dream about being 4-1 up with 10 to go. Reality in the Premier League is difficult.
'It could have been seven or eight - Robinson has made terrific saves, we've hit the bar and Michael Owen's missed a chance he would normally score.'
Owen's goal was his third in as many matches despite playing in a deeper role, dropping into midfield.
'It is his position at Newcastle for the time being,' Keegan said. 'I said this is the position you have to play in this football club because that is where you are most use for us - and he said that's fine.
'He never came up to me and said 'I'm a forward'. I think he's enjoyed it.'
Owen has not started an England match under Fabio Capello yet but Keegan added: 'I think when the big games come Michael Owen will play.
'Fabio Capello needs asking why he hasn't played Michael because only he knows the answer.'
Spurs head coach Juande Ramos, meanwhile, is assessing the attitude of his players for the rest of the season, with European qualification secured already by winning the Carling Cup
'We're at a phase of the season that is not quite so important, so it's a chance to look at players and see the squad and make decisions for next season,' said the Spaniard.