Fabian Delph and the on-form Gabriel Agbonlahor scored in the first half before Christian Benteke, academy midfielder Jack Grealish and Gary Gardner wrapped it up after the break.
Paul Lambert saw his side dismantle League One opposition in Crewe 5-1 last time out, and will surely be delighted with the manner in which Villa went about securing a similar victory against Walsall.
They started the game brightly with Agbonlahor's pace acting as a key factor, but it was midfielder Delph who found the breakthrough on nine minutes. A well-placed left-footed strike bamboozled Walsall keeper Richard O'Donnell and squeezed through to make it 1-0.
It was Agbonlahor who scored the second for Villa, with the striker utilising his pace to race onto a through ball and finish with aplomb past O'Donnell to double Villa's lead on 33 minutes.
Walsall were clearly struggling with the Premier League side's superiority and, despite making it to half-time just two goals down, they eventually succumbed to a second-half barrage.
Villa fans will be hoping that the scorer of their third goal can produce more of the same when the Premier League begins next month. Christian Benteke, the subject of intense transfer speculation before signing a new contract at Villa Park, strengthened his side's grip on the game after combining well with fellow striker Andreas Weimann on 52 minutes before finishing.
New summer signing Nicklas Helenius could be vying for Benteke's position when the season begins, and it was his pass that began the move for the goal. He again become provider on 67 minutes, this time for boyhood Villa fan Grealish to score his first senior goal with a well-taken finish.
But the best goal was certainly saved until last for Villa. A free-kick was awarded 30 yards out and up stepped youngster Gardner to fire home a powerful effort and secure a second five-goal drubbing in less than a week.