Harry Bunn, Sean Scannell and Conor Coady scored as Town smashed Wolves' 100% home record to plunge Molineux into misery.
Chris Powell's side produced a bright and disciplined display to withstand early pressure and claim a second successive Championship victory.
It stretched Town's winning run in meetings with Wolves, who hadn't previously conceded in open play in a home league game this season, to seven matches.
The home side would have gone top by winning, but never looked settled after Bunn notched his third Town goal (all of them have come away from home) in the 21st minute.
Sako managed a 71st-minute reply, but Town stood firm for a deserved third win of the campaign.
The teamsheet suggested a tale of two loan strikers as Grant Holt was handed a full debut for Town after his appearance from the bench against Millwall and Yannick Sagbo came straight into the Wolves side after his move from Hull City.
Saturday's two-goal star Nahki Wells was left on the Town bench while Wolves welcomed back French frontman Nouha Dicko following a hamstring injury.
With Lee Peltier missing out through injury, Mark Hudson took the captain's armband for the visitors, who had Scannell back in their starting side.
Sagbo dragged a shot wide within the opening minute, while Joel Lynch came close with an ambitious long-range reply for Town, who lined up in a 4-5-1 formation after going with three centre-backs against Millwall.
Skipper Sam Ricketts had the home fans on their feet when he drove forward from midfield and rifled in a 20-yard effort which smacked against the right-hand post.
Smithies was busy in the 12th minute, first using his legs to block from Dicko, then punching clear under pressure as Bakary Sako swung in the resultant corner.
Dicko was causing plenty of problems, but it was Town who opened the scoring in the 21st minute, Bunn thumping in Holt's cross from the right from close range.
Coady almost caught Carl Ikeme unawares with a chip soon after, but the keeper recovered to catch the ball, and as play switched to the opposite end, Sako's shot from Dicko's cut back was blocked.
Jacob Butterfield brought a good save from Ikeme after breaking forward and playing a neat one-two with Jonathan Hogg in the 37th minute.
Holt was using his physical power to good effect and his persistence led to Town's second in the 41st minute, with the ball breaking nicely to Scannell, who fired in a rising shot.
Dicko was still a real threat for Wolves, and Sako should have done better than fire wide when meeting another pull back from the byline.
Butterfield had Ikeme diving to his right to parry a fierce shot early in the second half, but the stopper was beaten all ends up in the 51st minute, when Coady curled home a sweet shot after Richard Stearman's headed clearance fell into his path.
Sako and Stearman's both had long-range shots saved as Wolves, whose fans were growing increasingly frustrated, tried to get back into the contest.
Sako's goal, from Dicko's knockdown, sparked thoughts of a fightback and a spell of pressure, but Town kept their nerve, their shape - and the points.