It was Mumbai Magicians' second victory in the tournament this year after having defeated debutants Kalinga Lancers 3-2 in their previous match.
UP Wizards drew the first blood in the 22nd minute through lanky striker Nithin Thimmaiah who scored a field goal.
But Mumbai Magicians made a remarkable comeback and pumped in three goals to stun the hosts.
Gurjinder Singh levelled the scores for Mumbai Magicians by converting a penalty corner in the 31st minute before veteran Prabhjot Singh (56th minute) and captain Glenn Turner scored from field efforts within a span of six minutes to take a sizeable lead.
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By virtue of this win, Mumbai Magicians pocketed five points, finishing fifth in the six-team competition with 18 points from 10 games.
For Uttar Pradesh Wizards it was their fourth loss in HHIL 2014 and finished the league campaign with 28 points from 10 games.
UP Wizards will now travel to Ranchi for their semifinal fixture on Saturday.
In the last league match of HHIL 2014, defending champions Ranchi Rhinos will play Jaypee Punjab Warriors at Ranchi tomorrow.