The on-loan Chelsea forward produced a thrilling performance in the first half on his first start for Roberto Martinez's side as Everton more or less put the game to bed by scoring three times in the opening 37 minutes.
Lukaku opened the scoring on five minutes from Kevin Mirallas's cross before sending Ross Barkley through for the second goal on 25 minutes. It appeared to be game over when the Belgian striker barged his way through the centre of the visiting defence to make it three from Tim Howard's hopeful long ball from his own box.
Newcastle emerged a brighter side in the second period after an awful first-half performance with substitute Yohan Cabaye - on for Mapou Yanga-Mbiwa at the break - netting from distance with a scorching hit on 51 minutes.
Loic Remy scored from close range in the death throes of the match, but Everton were good value for the three points despite the scoreline suggesting a closer contest.
PRE-MATCH - BARRY JOINS 500 CLUB: Everton midfielder Gareth Barry becomes the 10th player to make 500 Premier League appearances in this game. The other nine are Ryan Giggs, David James, Frank Lampard, Gary Speed, Emile Heskey, Jamie Carragher, Philip Neville, Mark Schwarzer and Sol Campbell.
5' - LUKAKU POUNCES: Lukaku scores for Everton. Lovely finish from the Kevin Mirallas run and cross. Tim Krul couldn't keep it out. Everton lead 1-0.
25' - BARKLEY BRILLIANCE: Lukaku slides the ball into the path of Barkley, and he clips the ball into the corner of the net. Brilliant pass and finish. Everton lead 2-0.
37' - LUKAKU NETS AGAIN: Lukaku charges through the middle from the Howard clearance. Everton lead 3-0. An assist from the goalkeeper. Newcastle's defence is officially dreadful.
51'- CABAYE CLASS: Cabaye scores from 25 yards. Magical strike. High into the net. No chance for Howard. Newcastle back to 3-1 behind.
64' - ALMOST THE LUKAKU HAT-TRICK: Seamus Coleman with another superb piece of play. Lukaku can't control the ball in time as he fires the shot wide and high with his left foot. Excellent stuff from Lukaku again.
89' - REMY FINDS THE NET: Loic Remy gets himself onto the end of a Mathieu Debuchy header to tuck the ball beyond Howard. Everton defence all at sea. 3-2 now in the death throes of a breathless match.
Everton are the only unbeaten team in this season's Premier League, yet they have a point less than at this stage last season.
They are now unbeaten in 12 home matches in the Premier League. However, they conceded their first goal at home since March, missing out on equalling a club record 8 home clean sheets in a row (1987/88).
This was the first time this season a single team scored 3 goals in the first half of a match.
Tim Howard became the 2nd goalie to assist this PL season after Brad Guzan. They are both from USA and it was Howard’s first assist since Nov 2007 in Everton's 7-1 win v Sunderland.
Lukaku’s 2 goals took Belgium’s total for the calendar year to 49, second behind England on 189 and ahead of France on 47.
It is 10 years since Everton scored three goals faster than today: 3-0 lead after 35 minutes v Fulham in Aug 2003. They also scored 3 in 37 minutes versus Southampton last year.
Newcastle have now failed to win in four league matches against Everton.
Newcastle's last 10 goals came from French players. In March-Apr 2004, Arsenal had 12 French goals in a row.
TALKING POINT: How good are this Everton side? Too early to declare them as Champions League qualifiers, but there is little doubt Everton can challenge for the top four if injuries and suspensions are kind to them. Lukaku looks to be the best loan signing of the season.
MAN OF THE MATCH
Romelu Lukaku (Everton) - Two goals and an assist plus two offside goals. Not sure why Chelsea farmed this lad out, but Everton aren't complaining.
Everton: Howard 7, Baines 7, Distin 7, Jagielka 6, Coleman 7, Mirallas 7, McCarthy 7, Barry 7, Osman 7, Barkley 8, Lukaku 9; Subs: Stones 6, Deulofeu 6, Naismith 6
Newcastle: Krul 5; Debuchy 5, Yanga-Mbiwa 3, Coloccini 4, Santon 4; Anita 5, Tiote 6, Sissoko 5; Gouffran 6, Remy 6, Ben Arfa 6; Subs: Williamson 6, Cabaye 7, Cisse 6
THE MATCH IN A TWEET