Glenn Murray bagged his sixth goal in as many games to break the deadlock for Palace before Bolasie took centre stage to send Sunderland slumping to another emphatic home defeat following the setback against Aston Villa by the same scoreline last month.
Bolasie had scored just once in the league this season prior to his treble on Saturday, but ruthlessly put Sunderland to the sword as Dick Advocaat's side were emphatically brought back to earth after beating local rivals Newcastle United last weekend.
Connor Wickham did pull one back in the 90th minute for the hosts, but it was a scant consolation.
The result leaves Advocaat's men still hovering just three points above the drop zone, while Palace are pushing for a top-10 finish.
And from the resulting free-kick, home skipper Lee Cattermole came close to gifting the visitors the opening goal as his attempted clearance flew just wide of the post.
Sunderland were still all at sea three minutes later when Bolasie beat John O'Shea to Jedinak's throughball before calmly lobbing the advancing Costel Pantilimon.
That goal prompted a number of home fans to head for the exits and that became a mass exodus when Bolasie claimed his third and Palace's fourth after 62 minutes, with Murray again creating the opening.
Wickham did provide a last-minute reply for the visitors, but it was too little, too late for Advocaat's men, who need to regroup quickly ahead of next weekend's crunch trip to Stoke City.
