The Terriers have now won seven straight games against Wolves and their 3-1 victory inflicted a first home league defeat on Kenny Jackett’s side since last December.
Harry Bunn and Sean Scannell scored in the first half before Conor Coady’s brilliant third after the break.
Bakary Sako pulled one back but Wolves have now not beaten Huddersfield since 1997.
A win would have taken Wolves top of the table but they failed to deal with Grant Holt, who terrorised them on his full Terriers’ debut after joining on loan from Wigan.
Sam Ricketts hit the post as the visitors survived an early onslaught before taking control.
Ricketts was making his first league appearance of the season, replacing Matt Doherty who was out with an ankle injury, while Yannick Sagbo made his Wolves debut as he started 24 hours after signing on loan from Hull.
And the striker dragged a shot wide inside the opening minute, also ballooning over after 15 minutes, as he looked to make an immediate impact.
Huddersfield barely saw the ball in the opening stages and the hosts almost made their dominance count when Ricketts smashed a low 18-yard effort against the post.
Wolves continued to create and Nouha Dicko wriggled clear but his angled strike was saved by Alex Smithies.
Huddersfield, in contrast, were quiet and contained by Wolves who went close again when Dicko’s cross was scrambled away.
But the Terriers stunned the hosts on 21 minutes when they took the lead thanks to the imperious Holt.
The striker used his brute force to out-muscle Richard Stearman on the right and drive across goal for Bunn to smash in from 10-yards.
Rocked by the goal, Wolves lost their fluidity and confidence as the jitters started to settle at Molineux.
Holt’s presence unsettled the hosts’ defence while Dicko, Sagbo and Sako found space at a premium where they previously roamed.
Carl Ikeme claimed Jacob Butterfield’s low 25-yard effort but the keeper was beaten by Scannell on 41 minutes.
Again Holt caused chaos in the Wolves backline and when the ball broke to Scannell his shot clipped Danny Batth and flew past Ikeme at his near post.
In the aftermath Wolves lost Lee Evans to injury and their night got even worse after the break.
Ikeme had already denied Butterfield before Huddersfield brilliantly went 3-0 up on 51 minutes.
Jack Robinson’s cross was only half cleared to Coady 30-yards out and the former Liverpool starlet took a touch before bending an unstoppable effort into the top corner.
Sako and Kevin McDonald blazed over as Wolves desperately tried to respond and Smithies saved another Sako effort.
The Mali international did finally beat the goalkeeper on 71 minutes though when he combined with Dicko to prod between Smithies’ legs.
Batth nodded over as Wolves sniffed a second but it never came.