Kevin Doyle scored Wanderers' third goal before Freddie Sears squandered the U's chance of a late consolation goal when his penalty was saved by Carl Ikeme.
Alex Gilbey and Matt Taylor both went close for the hosts early on and Wolves goalkeeper Ikeme made an excellent diving save from David Wright's volley.
But Kenny Jackett's team scored against the run of play in the 20th minute through Griffiths, who netted from the penalty spot after Matt Doherty had been tripped by Matt Taylor in the area.
Wolves hunted for more goals before half-time, with former U's loanee Danny Batth heading inches wide from Scott Golbourne's cross and James Henry's free-kick dropping just wide.
They doubled their lead three minutes after the break through Griffiths, who converted from close range after debutant Henry had cut the ball back.
Doyle fired in a third from close range seven minutes later after the impressive Henry had picked him out in the area.
Ikeme saved Sears' penalty with four minutes to go after the Wolves keeper had fouled substitute Marcus Bean.