Belton kept the Nittany Lions' fourth overtime possession alive when he gained 3 yards on a fourth-and-1 situation, then scored the game-winner after a pass interference call put the ball on the Michigan goal line.
Sam Ficken missed a 40-yard field goal try on the Nittany Lions' first OT possession, but Michigan's Brendan Gibbons had his ensuing field goal try blocked by Penn State.
Each kicker connected on the second overtime, producing a 37-37 tie.
In the third overtime, the Nittany Lions' Allen Robinson fumbled. It was recovered by the Wolverines' Frank Clark, but Gibbons ended the series by missing a 33-yard attempt.
He was true, however, on a 40-yarder in the top half of the fourth overtime for a 40-37 Wolverines lead, but Belton carried the ball six times on the final series, capped by his 1-yard TD plunge.
Robinson's 36-yard reception in the final seconds of regulation set up a score-tying TD plunge by quarterback Christian Hackenberg as the Nittany Lions (4-2, 1-1 Big Ten) sent the contest into overtime.
Clark recovered a pair of fumbles, scored a touchdown and recorded two sacks for Michigan (5-1, 1-1), which was dealt its first loss of the season.