Goals from Jermaine Beckford, skipper Phil Neville - his first for three years - and Diniyar Bilyaletdinov effectively ended the game as a contest before the interval as the visitors ran out 3-0 winners.
Everton have now taken 14 points from a six-game unbeaten run to keep alive their hopes of breaking into the top six despite a lengthy injury list.
But Wolves, beaten 4-1 at Newcastle last weekend, are suddenly looking prime candidates for the drop on the evidence of this performance after a promising opening 20 minutes.
The loss of key striker Kevin Doyle through knee ligament damage has had a massive impact on the make-up of the side as he was the ideal player to operate in a 4-5-1 formation.
With Wolves Mick McCarthy starting with two upfront, the home side found themselves exposed in midfield without the extra man while their defending also left a lot to be desired.
Source: PA
Source: PA