Trae Young and Kevin Huerter each had big 3-pointers in the final minutes of overtime, after the Wolves erased a 22-point deficit only to be done in by missed free throws, dunks and layups.
The Hawks earned their fifth road win despite turning the ball over 24 times to tie their season high.
After Huerter's 3 made it 121-117, Karl-Anthony Towns made two free throws before Andrew Wiggins went to the line for two shots with 4.5 seconds left. After missing two big free throws a few seconds earlier, Wiggins hit the first but missed his second.
Dewayne Dedmon hit two foul shots with 1.7 seconds left. Rookie Josh Okogie pumped faked DeAndre Bembry and tried to draw contact from the corner, but his 3-point attempt fell short without a whistle.
Bazemore sent it to overtime with a fast-break layup after stealing an inbounds pass with 20 seconds left to play. Bembry blocked Derrick Rose's buzzer-beater attempt as time expired.
Towns led the Wolves with 31 points and 19 rebounds. Robert Covington had 28 points but missed a dunk late in regulation and, in overtime, lost the ball on a wide-open layup underneath the basket. Young followed by hitting a 3 to give Atlanta a 118-117 lead with 1:49 to play.
The Timberwolves erased a 22-point deficit after Atlanta silenced the sellout Minnesota crowd early with a season-high 42 first-quarter points. The Wolves held the Hawks to 47 total over the next two quarters.
Minnesota went 21 of 38 from the free throw line.
Hawks: Alex Poythress scored 12 points in his third game since being called up from the G League. All of his points came in the first quarter. . It was only the second time this season Atlanta has held a 20-point lead; the Hawks won the first game on Oct. 21 at Cleveland.
Timberwolves: Rose scored 25 points and started again for PG Jeff Teague, who missed his sixth straight game with inflammation in his left ankle. . Rookie Keita Bates-Diop was active for the game for the first time since being recalled Dec. 22 from Iowa of the G League. "He'll be back with us for a while now, and then when we have another opportunity to send him down we will. But he's coming along very nicely," coach Tom Thibodeau said.
Hawks: Host Cleveland on Saturday night.
Timberwolves: Visit Miami on Sunday.