Wolves were never able to come to terms with a confident and vibrant Magpies until it was too late to do anything about it.
Newcastle, without the suspended Cheik Tiote, cruised in to a three goal lead inside the opening 50 minutes.
The first arrived in the 23rd minute when Kevin Nolan charged through and slotted underneath goalkeeper Wayne Hennessey after Shola Ameobi had flicked on Mike Williamson's pass.
And then, after Wolves had been denied an equaliser by Steve Harper from Sylvan Ebanks-Blake's header, Newcastle made it two on the stroke of half-time.
A quick break allowed Peter Lovenkrands, preferred to Nile Ranger in the absence of the injured Leon Best, to centre from the by-line and Ameobi jumped to head the second beyond Hennessey.
Almost immediately after the restart Hennessey then made a great save to deny Joey Barton before Lovenkrands hit the woodwork.
But Newcastle did not have to wait long for the third. This time Barton and Fabricio Coloccini combined exceptionally down the right, with Barton's delivery perfect for Lovenkrands to slot in the third.
After that Wolves, with nothing to lose, gained more of an influence in things and the match became more open.
And when Ebanks-Blake slotted beyond Harper from Matt Jarvis' centre in the 54th minute, there was definitely a shift - in that Newcastle no longer had control of things.
But in the end Wolves were unable to find a further breakthrough and then Jonas Gutierrez rounded things off in injury-time with a stunning finish.
Wolves stay firmly in the bottom three, while Newcastle climbed seven points clear and above Sunderland.
Newcastle (4-4-2): Harper; Simpson, Williamson, Coloccini, Ferguson (Perch 59); Barton (Taylor 89), Guthrie, Nolan, Gutierrez; Ameobi, Lovenkrands (Ranger 68). Subs: Campbell, Krul (gk), Tavernier, Kuqi.
Wolves (4-5-1): Hennessey; Foley, Berra, Stearman, Elokobi (Ward 81); Hammill (Kightly 54), Henry, O'Hara, Milijas (Fletcher 30), Jarvis; Ebanks-Blake. Subs: Hahnemann (gk), Craddock, Jones, Mancienne.