Outplayed most of the way by the Warriors, Favors tied the game at 87-87 on a three-point play with 27.8 seconds left in regulation.
In overtime, Favors kept rolling.
He sparked a quick 6-0 run with four points and a rebound that sent the Warriors into an unproductive manic mode.
Golden State's only field goal in the final five minutes came on Nate Robinson's meaningless three-pointer with 12.8 seconds left.
"I'll tell you what," said Jazz coach Tyrone Corbin. "[Favors] was huge for us on both ends of the floor. ... His aggressiveness was a key."
Starting only because Al Jefferson was not with the team following the death of his grandmother, Favors put together his best game as a professional.
His 23 points and 17 were career-highs. His one block came on the Warriors' final shot in regulation a floater by Robinson that could have given Golden State the lead.
"I knew I had to make up for Al not being here," Favors said. "... Coach wanted me to be aggressive so I came out and was aggressive."
Favors' dominating performance enabled the lethargic Jazz to prevail despite squandering a seven-point lead they had finally managed to build midway through the fourth quarter.
"It shows we can get it done," Corbin said. "We have to do it for a full 48 minutes and not wait until the end. But, when we need it, we know we can get it."
Once again, Corbin called on his young core of players Gordon Hayward, Alec Burks, Enes Kanter and Favors.
Once again, they produced.
Hayward, Burks, Kanter and Favors combined for 48 points and 41 rebounds in 110 minutes.
"It's the work that's been going on all year preparing them for these times," Corbin said. "We were patient with the guys and they've been learning and working their tails off. Now they're ready for time on the floor."
Robinson finished with 19 points for the Warriors, including a three-pointer that gave Golden State an 87-84 lead with 32.4 seconds left.
After a time-out, however, Favors tied the game with a three-point play off a pick-and-roll with Devin Harris.
"He set a great pick," Harris said. "Two of their guys converged on the ball. He rolled down the lane and finished strong. ... He did a great job on both ends of that play. He did it all. I just had to deliver the ball."
Corbin agreed: "Devin turned the corner and Derrick did a great job of diving right behind him. Great pass. Great finish. He made the free throw and we were in a new ballgame."
The Jazz had a chance to win in regulation when Favors blocked Robinson's shot, but Harris ended up missing a long three-pointer.
Corbin considered calling a time-out to set up a play, but thought the Jazz had a better chance at a good shot by grabbing the rebound and running.
"I didn't want them to set up, he said. "I thought we had them on their heels and we'd get an opportunity going to the basket. But Devin didn't see his gap or didn't get a gap and took a jump shot."
Said Harris: "We said we were going to go and try to get the best look possible. .. But I kind of got hung up."
In overtime, Utah converted six of eight possessions and cruised to its fifth straight home win.
"The frustrating thing," said Golden State coach Mark Jackson, "is we had an opportunity to close out this game. We needed one stop and didn't get it."
Utah 99, Golden State 92 (OT)
R Derrick Favors scores 23 points and grabs 17 rebounds, both career highs.
• The Jazz win despite 41.6 percent shooting, including 2 of 13 on 3-pointers.
• Utah (22-22) returns to .500 with its fifth straight home-court victory.