Joe Cole's first goal for 13 months completed the rout in the second half as Chelsea set a new club record for home wins and kept Wolves entrenched in the bottom three.
The victory over Wolves was their 12th in a row in all competitions at home - the previous record was 11 between February 25 and September 17, 2006.
The clean sheet also saw them equal their record of 10 consecutive games without conceding at home.
But the Blues could have gone behind in the fourth minute when a fine Wolves move saw Matthew Jarvis break free on the right.
However, his cross just eluded David Edwards as he arrived in the six-yard box.
Wolves paid a heavy price for the miss a minute later as Malouda collected a poor Wolves header inside the centre-circle and ran on unchallenged to unleash a 20-yard shot into the roof of the net.
Another sweet Chelsea move in the 11th minute almost brought them a second goal but Wolves goalkeeper Wayne Hennessey tipped Salomon Kalou's 20-yard angled drive around the post.
However, the relief for Wolves was shortlived as from Malouda's resultant flag-kick, Essien rose unmarked to head home from six yards.
Chelsea made it three in the 22nd minute when John Mikel Obi fed Essien with a short pass on the edge of the penalty area and the Ghanaian's low drive went under Hennessey for his second of the game.
The home side were determined to record their 1000th league win at Stamford Bridge as well as complete a year since their last defeat at home.
Wolves manager Mick McCarthy had spent much of the half shaking his head in disbelief at his side's reckless defending.
But in the 39th minute Wolves almost conjured a goal out of nothing when a header from Sylvan Ebanks-Blake was superbly kept out by Petr Cech.
Chelsea's performance had been even more admirable without the likes of injured quartet Frank Lampard, Didier Drogba, Deco and Michael Ballack.
Their quick, incisive passing game was too much for Wolves who spent much of the half chasing shadows.
Chelsea continued where they left off in the second-half and a superb crossfield pass by Nicolas Anelka found Malouda free on the left.
However, the France international slipped at the vital moment and saw his shot saved by Hennessey.
The Wolves keeper was in action again in the 52nd minute when he held on to a shot from Alex as Chelsea threatened to increase their advantage.
But Chelsea did make it four in the 56th minute and it was a welcome strike for the fit again Joe Cole.
The England midfielder, out for 10 months since January, side-footed the ball beyond Hennessey after Anelka's cross had been turned into his path by Kalou.
It was Cole's first goal for the Blues since the win over Aston Villa back in October 2008.
Moments later Anelka made way for substitute Gael Kakuta to make his first-team debut.
In September, Chelsea were found guilty by FIFA of inducing Kakuta to breach his contract with Lens two years ago and punished them with a transfer ban until 2011, while suspending the player for four months.
But the Court of Arbitration for Sport suspended the bans until Chelsea's case is heard in full and that allowed Kakuta to make his debut.
Essien almost claimed a hat-trick in the 63rd minute but his shot was palmed onto the top of the bar by Hennessey.
Kakuta almost celebrated his debut with a goal 10 minutes from time but his 25-yard effort curled the wrong side of the upright.
Essien then sent a 20-yard drive just wide of the post as a hat-trick continued to elude him.