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The 32-year-old from Melbourne sizzled on the back nine on Sunday, rolling in crucial back-to-back birdies to blunt a final-day challenge from South African Rory Sabbatini.
"I get to come back," said Ogilvy of the 5.6 million dollar tournament which comprises only the winners from last season.
"We knew what we had to do. I'd never been in that situation. I'm happy and excited to get it done. I needed to make birdies and I did."
Ogilvy finished at 22-under 270 for a one-stroke victory over Sabbatini, who made him work for the win at the Kapalua Resort in Maui.
Ogilvy had to battle back from a two-shot deficit with 10 remaining holes to defend his crown. He won the winners-only event by six strokes last year.
He and Australian compatriot Stuart Appleby are the only golfers to win consecutive titles since the event switched to Kapalua.
Ogilvy, who has posted eight-straight rounds in the 60s here, is also just the seventh player in the 58 years to win in consecutive years.
He took the lead for good with a two-putt birdie on No. 15 in which he set the table for the birdie with by hitting a five wood to 25 feet from the cup.
Sabbatini started the final round six shots behind and fired a closing 10-under 63. He rolled in five consecutive birdies on the back nine to seize the lead.
The 33-year-old from Durban had a chance to go lower but missed a 10-foot birdie putt on 18.
"The situation was you had to keep moving forward to put pressure on him. I had my opportunity, and unfortunately, it didn't pan out," said Sabbatini who got into the event by winning the Byron Nelson Championship.
Matt Kuchar (67) took third place at 19-under 273, while Sean O'Hair (68) and Martin Laird (70) tied for fourth at 18-under 274.
Third round leader Lucas Glover stumbled to a three-over 76 for the highest score of anyone in the 28-player field,
He finished in a tie for 14th.
FINAL ROUND SCORES
270 - Geoff Ogilvy (AUS) 69-66-68-67
217 - Rory Sabbatini (RSA) 70-68-70-63
273 - Matt Kuchar (USA) 67-68-71-67
274 - Sean O'Hair (USA) 68-67-71-68, Martin Laird (SCO) 67-68-69-70
275 - Kenny Perry (USA) 70-67-70-68, Retief Goosen (RSA) 70-69-67-69, Ryan Moore (USA) 69-68-68-70
276 - Stewart Cink (USA) 68-69-69-70
277 - Steve Stricker (USA) 73-70-68-66, Paul Casey (GBR) 70-69-69-69,
Pat Perez (USA) 71-70-67-69, Angel Cabrera (ARG) 68-68-70-71
279 - Dustin Johnson (USA) 67-71-72-69, Nick Watney (USA) 67-71-70-71
280 - Zach Johnson (USA) 72-69-71-68
281 - Y.E. Yang (KOR) 70-74-66-71
282 - Stephen Ames (CAN) 71-69-71-71
283 - Brian Gay (USA) 72-71-70-70
286 - Nathan Green (AUS) 67-70-77-72
287 - Troy Matteson (USA) 73-70-73-71, Jerry Kelly (USA) 69-70-74-74
288 - Bo Van Pelt (USA) 72-70-73-73, Michael Bradley (USA) 73-72-71-72
290 - Heath Slocum (USA) 75-71-71-73, Mark Wilson (USA) 74-71-70-75
