Jacobs made no mistake with a 17th-minute header and then put the result beyond doubt from 25 yards at the start of the second half to take his tally to three in the last three games for Kenny Jackett's in-form side.
County arrived at Molineux on the back of a morale-boosting 3-0 win over Coventry in their previous game but they lacked the firepower to trouble Wolves and remain rooted in the relegation zone after a fourth defeat in five games.
Wolves were dominant and their persistent probing eventually brought its reward when Scott Golbourne latched on to a pass from Bakary Sako to cross from the right wing, Jacobs powering a header past goalkeeper Bartosz Bialkowski from 10 yards.
County found chances hard to come by but should really have been back on level terms after 27 minutes only for Callum McGregor to slide his shot wide after an excellent pass from Jack Grealish - one which proved to be an expensive miss.
Wolves were by far the most threatening side and they would have put the result beyond doubt before half-time had Bialkowski not pulled off two stunning saves to deny the lively Sako.
But there was nothing the Polish 'keeper could do to deny Jacobs his second when the former Derby winger's 54th-minute long-range drive bounced in off a post.
County's misery was summed up 12 minutes from time when Grealish somehow headed over the bar from inside the six-yard box.