Haye appeared to be struggling with a right ankle injury in the bout.
Bellew caught Haye with a big right hand two minutes into round five and down he went again. The two fighters fought 14 months earlier, also at The O2, and it was a war with casualties.
Bellew got through two unsafe rounds at the start of Saturday night's heavyweight fight before flooring Haye twice in the third round.
The 37-year-old made just about made it to his feet as the bell sounded to end the round.
"When he fought [Mikkel] Kessler for the second time and I still haven't had that phone call".
Still, while Haye is eager to get back to his winning ways, Bellew will be looking to prove that the first fight wasn't a fluke, and that he can take down a fully-fit Haye.
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Despite a bright start from Haye, finding success with the jab and landing one or two nice rights, Bellew soon found his range and started to land on Haye at will.
Reacting to the win in his post-fight interview, Bellew dedicated the victory to his late brother-in-law before reflecting on the fight. Our guide reveals all you need to know about the Haye vs Bellew fight, including the time, undercard, full live stream details, and 4K viewing options. "I was hurt in that fight".
But, of his future, he told talkSPORT: "I'll have to go back and review exactly what happened then make a decision". I'm just happy I've won. I'm taking nothing away from Tony Bellew. Haye was doing well in the contest, until he suffered a severe ruptured Achilles in the contest and became a one-legged fighter.
Dave Coldwell, I gave him stick in the build-up, but he's a great coach, a great man, and it's all fun really. Tony Bellew is definitely my nemesis.
Bellew, the former WBC cruiserweight champion, was again considered the underdog but is enjoying the finest run of his career. However, he was unwilling to commit to this immediately after the defeat. "We'll never be friends but I respect him", he said, adding he begged Haye to quit boxing in the immediate aftermath. "I didn't feel that great in there tonight". He was there and I dedicate this fight to Ash. He is a former unified world cruiserweight champion and a former world heavyweight titlist. But he made it back into the ring, against all odds, a diminished but still risky fighter hoping to even the score and get a shot at one of Joshua's titles.