Goals from Alan Lee, Pablo Counago and Danny Haynes gave Town a sixth successive home win this season and took Blues into the Play-Off places.
Lee converted superbly just before the break and Counago added a second early in the second-half before substitute Haynes completed the scoring in added on time.
At the other end, Town had another hero in Neil Alexander who saved a fifth minute penalty from Freddy Eastwood after he was judged to have brought down Michael Kightly.
Town started the game with the same side that kicked off against Colchester on Tuesday night, Sylvain Legwinski retaining his place in the middle of the park.
The visitors started brightly and dominated possession and on five minutes were given that opportunity to open the scoring. Fabian Wilnis' pass back to Alexander falling short with the 'keeper bringing down Kightly. Referee Andy Woolmer pointed to the spot but Alexander - who saved a penalty against Colchester - guessed right again and pushed Eastwood's spot-kick away.
Jay Bothroyd fired over before Jim Magilton's side had their first effort at goal, Dan Harding sending a free-kick just over the bar. Legwinski headed wide soon after as Blues began to force a way into the game.
Billy Clarke shot over the bar from 30 yards, then Lee had a header just wide before picking up a yellow card after a clash with Darren Ward.
Kightly's effort went just wide of the far post with the former Grays player carrying the main threat for the visitors.
Harding blasted over after Clarke's free-kick was blocked, then Counago spun and shot at Wayne Hennessey in the Wolves goal.
Jon Walters wasted a gilt edged chance seven minutes before the break, Lee's pass sending him the box but the signing from Chester dragged his shot horribly wide.
Harding sent another free-kick over the bar before Town broke the deadlock on 42 minutes, Legwinski starting the move deep in his half, Owen Garvan's pass evading the Wolves defence and Lee guiding the ball past Hennessey with the outside of his right foot.
Karl Henry tested Alexander from distance in the closing seconds of the half and the Scottish international did brilliantly to keep out Bothroyd's rocket shot and then holding on the rebound on the line under Kightly's challenge.
Wolves boss Mick McCarthy made two changes at the break, Ryan Jarvis on for Eastwood and Mark Little replacing Jody Craddock but within six minutes of the restart the visitors were two down, Counago showing strength and composure to shrug off Ward, round Hennessey and finish with his left foot from close range.
Counago almost added a second soon after, sliding Clarke's cross past the near post.
Fabian Wilnis threw himself in the way of Stephen Ward's shot as Wolves looked for a way back into the game, Clarke also defending well to stop Bothroyd's run down the right.
Lee headed wide, the striker surprised that the ball got to him after Hennessey missed his punch, the 'keeper then smothering the danger after David Wright had weaved his way into the box.
Gary Roberts replaced Clarke on 70 minutes in Town's first change, the winger immediately having an ambitious strike at goal after Hennessey's half clearance under Lee's challenge.
Wolves made a final change with Andy Keogh on for Kightly with 15 minutes left on the clock.
Legwinski rattled the bar with a left foot volley as Town looked to finish the game off, Danny Haynes coming on for Lee for the last 10 minutes.
The England U19 international had the final say in the game, twisting and turning before sending a left foot shot past Hennessey as Blues make it 10 wins on the spin athome.
Town: Alexander, Wright, De Vos, Wilnis, Harding, Walters, Legwinski, Garvan, Clarke (Roberts 70), Counago (Bruce 88), Lee (Haynes 80). Subs not used: Supple, Trotter. Booked: Lee
Wolves: Hennessey, Foley, Ward, Craddock (Little 46), Collins, Kightly (Keogh 74), Henry, Olofinjana, Bothroyd, Eastwood (Jarvis 46), Ward. Subs not used: Potter, Little, Jarvis, Stack.
At: 23,308
