Two Nouha Dicko goals and another from Bakary Sako saw Wanderers continue their drive towards an immediate return to the Championship while the Saddlers' play-off hopes faded further as they slumped to a fourth successive defeat.
The hosts started brightly in front of a sell-out crowd and Romaine Sawyers saw his shot deflected into the hands of Karl Ikeme after five minutes.
But Wolves looked dangerous on the break and took the lead with a neatly worked goal in the 31st minute. James Henry burst down the right and delivered a low cross into the goalmouth where Dicko slid in to divert the ball past Richard O'Donnell for his sixth goal for the club.
Three minutes into the second half Wolves increased their lead when a cross from Henry hit the inside of the far post and Dicko knocked the round into the roof of the net.
Sako added a third with a sublime free-kick from 25 yards out in the 67th minute.