Victory took Wanderers' final points tally to 103 - a new record for League One that surpasses the previous best of 101 which was set by Charlton during the 2011-12 season.
First-half goals from captain Sam Ricketts and Michael Jacobs put Kenny Jackett's team on course with Nouha Dicko sealing the win after 57 minutes to end any hopes of a miraculous last day escape for Carlisle, who had needed to win and hope other results went their way to have any chance of staying up.
A nightmare run of just one win in their final 15 games ultimately proved to be their undoing.
Wolves made the perfect start in the fifth minute when Bakary Sako's cross-field ball from the left wing picked out Ricketts who whipped in a low right-foot shot that just beat Carlisle goalkeeper Jordan Pickford at his near post.
Jacobs doubled the advantage after 24 minutes when he was left un-marked to head home a Scott Golbourne cross.
Carlisle stuck gamely to their task but never seriously tested goalkeeper Carl Ikeme - Matt Robson forced him into a rare save in the 36th minute.
Wolves were dominant throughout and Dicko, who had missed two earlier chances, underlined their domination when he lashed the ball home from 10 yards after Pickford had beaten out Golbourne's shot.