Hutchinson won the race by 37 seconds from second-placed man Ryan Farquhar, with Bruce Anstey third. The first race was stopped following Martin's crash to allow a fire at the scene to be dealt with.
McGuinness had been leading when it was stopped midway through lap three.
The Morecambe rider had enjoyed a slender advantage over Martin, Hutchinson and Cummins who had been dicing for the lead throughout the first two laps. Michael Dunlop was lying fifth in the initial race but retired on lap one of the re-run event while holding a top six leaderboard position.
Ian Hutchinson at St Ninian's crossroads during the Senior TT race
Hutchinson led HM Plant Honda rider John McGuinness by 0.5 seconds after the first lap of the re-run, with Manxman Conor Cummins a further three seconds behind in third.
McGuinness retired at Glen Helen on lap two and then Cummins crashed at the Verandah, suffering leg and arm injuries.
Yorkshireman Hutchinson enjoyed a 28-second advantage over Keith Amor at the end of the second circuit, having set the fastest lap of the race at 131.48mph. Hutchinson led by 21 seconds after lap three and Keith Amor retired on lap four to move Farquhar into second place. Ian Lougher was fourth, Michael Rutter fifth and Dan Stewart sixth.
After the race an emotional Hutchinson described his five-timer as "unbelievable".
"I've been suffering with a bad cold over the last few days but managed to overcome that, and to become the first rider ever to win five races in a week just leaves me speechless.Hutchinson now has eight TT victories to his name.
"The Padgett's team have built me brilliant bikes and the fans were waving all round the circuit like I've never seen before."
Here's to the BBC justifying its license fee!