Spieth, 23, won earlier this year at Pebble Beach and after completing a wire-to-wire victory in his Travelers debut became the second-youngest player to win 10 PGA titles, trailing only Tiger Woods.
American Boo Weekley, who hasn't won a PGA title since 2013 at Colonial and hasn't finished in the top 25 this season, fired a 65 to stand second on 199 with compatriot Daniel Berger third on 201.
But Spieth closed the front nine with a bogey for the second time in three days and seconds later Charley Hoffman completed an eagle-birdie-birdie run by sinking a five-foot birdie putt at 15 to seize the lead by one at 10-under.
Berger finished the tournament at 12-under, and watched from the clubhouse as Spieth hit a ball from the bunker that landed next to the hole and he was able to get par to force sudden death.
Spieth helped quiet a cheering crowd as Berger had a long putt from off the green to extend the playoff but Berger could not match Spieth's stunning feat and the celebration began in earnest moments later.
It's a deep bunker on 18, and Jordan Spieth conquered it twice.
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Meanwhile, Jordan Spieth ended an up-and-down round on a high note, rolling in a 20-foot birdie putt at the last to carry a one-stroke lead into the final round.
(AP Photo/Jessica Hill). Jordan Spieth makes a birdie on the first hole during the final round of the Travelers Championship golf tournament, Sunday, June 25, 2017, in Cromwell, Conn.
Berger moved into fourth place in the Presidents Cup standings, virtually assuring himself of a spot on the team later this year.
However, McIlroy then bogeyed the 16th and spilled another shot at the last in unfortunate circumstances as, with just 100 yards to the hole and a wedge in hand, his back foot slipped on his downswing and he chunked his approach barely 60 yards.
Berger sank a five-foot birdie putt at the par-4 15th to reach 11-under and when Spieth missed a three-foot par putt to bogey 14, the Americans were deadlocked atop the leaderboard at 11-under, setting up the final drama. Spieth's only other wire-to-wire win was the 2015 Masters. "So, this might be one that stays (in the bag) for a few weeks". He shot a 73 to finish at even par. He shot a 68 to finish at 5 under.
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