Craig's treble in Tuesday's 5-3 win over the League One Blues was his first ever in senior football.
The 26-year-old's ninth-minute equaliser cancelled out Jamie Longworth's early opener for Stephen Aitken's side and was also his first goal for Hibs at Easter Road since his summer move from St Johnstone before Abdellah Zoubir and a Scott Rumsby own goal put them two ahead before the break.
Craig got his second of the night two minutes after the break before Stranraer grabbed two quick-fire goals as Chris Aitken - brother of Stranraer boss Stephen - curled home a fine strike 60 seconds later and then home defender Michael Nelson put through his own net on 54 minutes to close the gap to 4-3.
But Craig blasted home his 50th career goal from the penalty spot after Rumsby's handball to complete his treble and see Hibs through to the quarter-finals.
However, team-mates James Collins and Rowan Vine also fancied their chances from the spot and it was only the good nature of the former that allowed Craig to wrap up his special night.
Craig - who also struck two minutes after the break to put Hibs 4-1 up before Stranraer grabbed two quick-fire goals to have the Leith men panicking - said: "Me, James and Viney all practise taking penalties after training and it was going to be a case of whoever got to the ball first was going to take it.
"But with me being on my hat-trick, James gave me the ball and I was delighted to score.
"In fairness, I have not missed a penalty into Ben Williams in training yet - and he's a penalty expert. It's eight out of eight so far and I have sent him the wrong way all eight times. If I had missed the penalty he would have chased me down the tunnel."
Craig arrived in Edinburgh with a reputation of grabbing goals from midfield but a senior hat-trick had eluded him until Wednesday's win.
"It was my first hat-trick so I'm obviously delighted on a personal note," he said. "The third was also my 50th career goals as well so I'm delighted to get the goals but the most important thing is that we're in the next round of the cup.
"I don't really keep track of these milestones, I just knew I was on 45 when I left St Johnstone and needed five at Hibs to get there. It is nice to get my 50th and to do it with a hat-trick is a bit special. I got the match ball signed by all the lads but there's a few dodgy messages on there.
"It is special for a midfielder to score a hat-trick, especially as my first goal was my first for the club at Easter Road as well. It's something I can look back on.
"I came here with a reputation for being a goal-scoring midfielder and I put pressure on myself to get goals from midfield and getting the two down at Kilmarnock earlier in the season gave me confidence. Now the team is playing well going forward and we have players who are always going to create chances."
Pat Fenlon's side had failed to record a victory in five attempts before Craig struck twice in that 2-1 win at Rugby Park.
Since then, memories of that feeble start - including the infamous 7-0 drubbing by Malmo in the Europa League qualifiers - have begun to fade following six successive games without defeat.
And Craig admits his double against Killie were more important than his midweek treble.
"Yeah they were," he said ahead of Saturday's trip to table-topping Inverness. "Obviously that was the first win of the season. The Kilmarnock win kicked this run off but we are under no illusion about how difficult it is going to be on Saturday. We are going to have to defend much better than we did against Stranraer if we want to get anything from the game.
"We don't talk about the early part of the season too much in the dressing room.
"Jimmy Nicholl and the manager have been excellent in the way they have dealt with the players and dealt with training in the early part of the season when we weren't getting results and we weren't scoring goals. They kept the place bubbly, kept the boys up and we are getting our rewards now for all the hard work we have put in in training."