Early goals in quick succession from Joey Barton and Alejandro Faurlin and a late effort from DJ Campbell saw new-look QPR win comfortably at Molineux.
Skipper Barton netted his first goal for Rangers in the eighth minute when he converted a fine cross from fellow new signing Shaun Wright-Phillips.
Two minutes later it was 2-0, as the enterprising Faurlin made Wanderers pay for some slack defending.
DJ Campbell made it three in stoppage time after a run from Armand Traore.
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QPR manager Neil Warnock will take plenty of encouragement from the performance of his side - featuring the five permanent signings recruited since Tony Fernandes' takeover of the London club - ran rings around their opponents at times.
Karl Henry did manage to hit the post for Wolves but they were booed off by the dejected home fans.
Shaun Wright-Phillips, who only played two games for Manchester City last season, made his second Premier League start for QPR and clearly revelled in his new role.
The England winger was given plenty of room to roam and laid on the ball for Barton, who despite seeming to scuff his shot, got enough on the ball to get it past Welsh international keeper Wayne Hennessey.
• This was QPR's biggest Premier League away victory in 18 years since winning 3-0 at Everton in November 1993.
• DJ Campbell scored his first Premier League goal for QPR. He was sent off on his last visit to Molineux - in Blackpool's 4-0 defeat in February.
Wolves conceded again just two minutes later when the ball fell to Faurlin who lashed in a 20-yard left-footed shot which Hennessey could only palm into the net.
The home side tried to bounce back immediately. In the 13th minute, amid appeals for a penalty, Henry took advantage of the confusion to hit the post.
But down at the other end Wright-Phillips was a real handful for the Wolves defence and beat the offside trap to nearly hit the third after 17 minutes. This time, though, Hennessey was there to deny him with a smart save.
Stephen Ward, making his 150th League appearance, was the main weapon for Wolves and he went close after some loose marking in the Rangers box.
The second half saw Wolves manager Mick McCarthy react to his team's inertia by making a double change, bringing on Sam Vokes and Adlene Guedioura for Elokobi and Michael Kightly.
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Ward went into defence but the two early goals seem to have paralysed Wolves who could find no answer to Rangers who were superbly orchestrated by Barton.
Matt Jarvis was replaced by favourite Stephen Hunt but failed to raise the spirits of the home crowd.
The game ended with Rangers in control when man-of the-match Wright-Phillips hit the post just before substitute DJ Campbell made it three as Wolves limped off to lick their wounds.
Barton's enthusiasm nearly got him into the trouble with the ref Anthony Taylor as the teams left the field.
The fiery midfielder had to be restrained amid protests he had been elbowed in a late challenge.
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