The Canaries - looking to become the first team in a decade to win successive promotions from the third to top tier of English football - took the lead through Andrew Surman on 13 minutes at Portman Road.
An own goal from Gareth McAuley, turning in David Fox's corner, doubled Norwich's lead before half an hour was on the clock.
Simeon Jackson made it 3-0 on 73 minutes and although Town midfielder Jimmy Bullard crashed in a 25-yard effort, Russell Martin swept home a fourth.
Substitute Daniel Pacheco, on loan from Liverpool, made it five in stoppage time after Jackson hit the bar to move Norwich two points above Cardiff, who play at leaders QPR on Saturday.
It was a positive start by visitors, who were looking to find captain Grant Holt, who scored at hat-trick against Town in their 4-1 defeat at Carrow Road earlier in the season, as often as possible.
On nine minutes, Ipswich's loan striker Jason Scotland found space for a shot from 20 yards, which was straight at John Ruddy.
England Under-21 forward Connor Wickham - who recently signed a new deal to fend off interest from several top-flight clubs - got away down the left and into the Norwich box, but then fired an angled drive over the bar.
The Canaries, though, had the lead on 13 minutes when Wes Hoolahan's cross from the left was spilled by goalkeeper Arran Lee-Barrett and Surman was on hand to smash home the loose ball in from eight yards.
Town looked to respond immediately, with on-loan Hull midfielder Bullard launching a 25-yard effort which stung Ruddy's hands.
The hosts continued to press, Josh Carson firing wide after a knockdown from another high ball into the Norwich box.
Damien Delaney did well to block Jackson's shot at the near post, but from the resulting corner Norwich were 2-0 ahead after 24 minutes.
Fox's delivery from the left swung right across the Ipswich six-yard box, and dropped back into the far corner of the net off the unfortunate McAuley.
Town came again, and had a free-kick in a dangerous central position some 25 yards out when Zak Whitbread tripped Carson, earning the Norwich defender a caution. Bullard's delivery beat the wall, but curled past the far post.
Holt almost bundled in a third when he nipped onto Delaney's back-header, but this time Lee-Barrett stood tall as the ball bounced back off the Norwich skipper and out for a goal-kick.
Ipswich needed some inspiration, and replaced the isolated Scotland with midfielder Andy Drury as Paul Jewell shuffled his tactics and pushed Wickham more central for the second half.
There was certainly more purpose about the Tractor Boys, with Bullard flashing a volley just wide from 20 yards.
However, Norwich weathered the storm, and created a couple of half chances through the tireless running of diminutive Canadian striker Jackson.
Grant Leadbitter curled a 25-yard effort wide, but Ipswich fell further behind on 73 minutes.
Holt held off Delaney down the right, before cutting the ball back across the six-yard box where Jackson got his rewards as he got in front of McAuley and stabbed past Lee-Barrett.
Bullard gave the home side a glimmer of hope with 12 minutes left when he lashed in from 25 yards.
Norwich, though, made sure the points would be heading back up the A140 to Norfolk when full-back Martin slammed in a fourth following a quick counter by Hoolahan to leave 2,000 travelling fans dreaming of a return to the Premier League for the first time since 2005.
Substitute Pacheco made it five in stoppage time after Jackson hit the bar.