The Magpies had come from behind to beat Celtic 2-1 in their opening game on Thursday, with Ivan Toney on target twice, and the former Northampton youngster was again on song against the Dutch side.
He opened the scoring inside the first five minutes in the final, seizing upon a poor clearance from the goalkeeper to lob the ball back over his head from 25 yards.
And, after Daniel Barlaser and Callum Roberts had both forced the Alkmaar keeper into saves, Toney doubled his tally and United's lead as he controlled Roberts' right-wing cross, rounded the goalkeeper and backheeled home.
AZ, who played some tidy football throughout, pulled one back before the break, and briefly threatened to equalise before Newcastle stepped up a gear once more.
Roberts again came close, then in the 71st minute Luke Charman was fouled and Toney completed his hat-trick from the spot to make it five goals for him in three days.
And Mo Sangare made it 4-1 late on as he stabbed home from Callum Smith's left-wing delivery. Skipper Macaulay Gillesphey was presented with the trophy after the game as United's youngsters were able to celebrate a successful weekend in Whitby.
Newcastle United Under-23s: Nathan Harker, Michael Newberry, Kyle Cameron (Ben Kitchen 78), Jack Hunter (Mo Sangare 69), Josef Yarney, Macaulay Gillesphey, Luke Charman (Owen Bailey 81), Daniel Barlaser (Callum Williams 69), Ivan Toney (Owen Gallacher 74), Callum Roberts (Yasin Ben El-Mhanni 69), Victor Fernandez (Callum Smith 47)
Subs not used: Paul Woolston, Stefan O'Connor, Yannick Aziakonou, Kelland Watts