Mick McCarthy enjoyed a winning return to Molineux as his Ipswich side piled further misery on former club Wolves.
McCarthy, who was sacked by Wolves in February, received a great ovation from the home crowd before kick-off.
And he left with a fifth win in seven matches, moving Ipswich one point behind 17th-placed Wolves.
Left-back Aaron Cresswell put Ipswich ahead from a well-worked move and the points were secured by on-loan QPR striker DJ Campbell's composed finish.
McCarthy was joined in the away dugout by assistant Terry Connor, who succeeded the Yorkshireman at Molineux before he was replaced by Norwegian Stale Solbakken in the summer.
But Solbakken remains under increasing pressure, with a chorus of boos ringing around Molineux at full-time as Wolves' miserable season continued.
Wolves should have been awarded a penalty after just two minutes when Kevin Doyle was bundled over by Luke Chambers, who went unpunished.
But there was very little to trouble either goalkeeper until Cresswell opened the scoring in style.
The left-back ventured forward and, having laid the ball off, continued his run; receiving it back before finishing right-footed inside the far post.
After the break, Wolves striker Sylvan Ebanks-Blake, a reported January target for McCarthy, sent a teasing ball across goal which Doyle failed to connect with.
But the game was lit up on the hour mark by Campbell's second. He raced onto Bradley Orr's long ball, before calmly firing a composed finish under Wolves goalkeeper Carl Ikeme.
It was Campbell's 10th goal in 16 appearances for Ipswich as Town celebrated their first win at Molineux in 21 years.
Ipswich boss Mick McCarthy:
"I would be lying if I said it was nothing special because it is.
"My last game here (a 5-1 defeat against West Brom) I had to go out of the back door and I will never forget that. It was a real horrible day for me.
"So to have won and to have had the applause and ovation I got I think shows what most Wolves fans really thought about me as opposed to the minority that would not let me leave by the front door."
Wolves manager Stale Solbakken:
"We started okay but after Ipswich scored it looked like an uphill battle. For me when you are under an amount of pressure like you are now then it is about having to win the battle with yourself.
"I think that you have to go out and make sure that you do what you think is right. I think at the moment we look a little bit scared.
"That must not be the case. We must show everyone that we have the character and at the moment the two worst performances of the season have been the two last ones. It can't get any worse."
Live Text Commentary
Full Time The referee signals the end of the game.90:00 +4:01
Michael Chopra is ruled offside. Roger Johnson takes the free kick.90:00 +2:43
Sylvan Ebanks-Blake is caught offside. Stephen Henderson takes the free kick.90:00 +2:05
Effort on goal by Michael Chopra from inside the penalty box misses to the right of the target.90:00 +1:33
A cross is delivered by Bakary Sako, clearance by Bradley Orr.89:51
The assistant referee signals for offside against Daryl Murphy. Direct free kick taken by Christophe Berra.89:09
Bradley Orr challenges Jermaine Pennant unfairly and gives away a free kick. Jamie O'Hara restarts play with the free kick.87:26
Shot from just outside the box by Michael Chopra misses to the right of the goal.86:05
Michael Chopra is ruled offside. Free kick taken by Kevin Foley.84:53
The official flags Jermaine Pennant offside. Stephen Henderson takes the free kick.82:28
The ball is sent over by Carlos Edwards.80:57 Substitution
Substitution DJ Campbell goes off and Michael Chopra comes on.78:55
Effort on goal by DJ Campbell from 12 yards. Save by Carl Ikeme.76:55
Centre by Jamie O'Hara, Shot by Roger Johnson from deep inside the penalty area misses to the right of the goal.76:55 Booking
Booking Booking for Lee Martin for unsporting behaviour.76:46
Lee Martin gives away a free kick for an unfair challenge on Bjorn Sigurdarson.74:16
Roger Johnson takes a shot. Comfortable save by Stephen Henderson.73:42
The referee blows for offside against DJ Campbell. Kevin Foley takes the free kick.72:13
Unfair challenge on Tongo Doumbia by Lee Martin results in a free kick. Roger Johnson takes the free kick.70:05 Substitution
Substitution (Ipswich) makes a substitution, with Nigel Reo-Coker coming on for Andy Drury.
Free kick awarded for an unfair challenge on Tongo Doumbia by Guirane N'Daw. Tongo Doumbia restarts play with the free kick.65:33 Substitution
Substitution Jermaine Pennant replaces Kevin Doyle.65:33 Substitution
Substitution Tongo Doumbia is brought on as a substitute for David Davis.65:33 Substitution
Substitution Karl Henry leaves the field to be replaced by Jamie O'Hara.63:51
The assist for the goal came from Bradley Orr.63:51 Goal scored
Goal! - DJ Campbell - Wolves 0 - 2 Ipswich Goal scored by DJ Campbell from just inside the area to the bottom right corner of the goal. Wolverhampton 0-2 Ipswich.62:12
Lee Martin takes a shot. Save by Carl Ikeme.60:47
Kevin Foley sends in a cross, save made by Stephen Henderson. The official flags Sylvan Ebanks-Blake offside. Free kick taken by Aaron Cresswell.58:52
Corner taken left-footed by Aaron Cresswell from the left by-line, Bakary Sako manages to make a clearance.57:39
DJ Campbell handles the ball and concedes a free kick. Roger Johnson takes the free kick.56:46
The ball is delivered by Carlos Edwards.51:34
Free kick awarded for an unfair challenge on DJ Campbell by David Davis. Tommy Smith takes the free kick.48:22
Direct free kick taken by Stephen Ward.48:22 Booking
Booking The referee books DJ Campbell for unsporting behaviour.48:10
DJ Campbell gives away a free kick for an unfair challenge on Stephen Ward.45:45
Guirane N'Daw takes a shot. Save by Carl Ikeme. Outswinging corner taken by Lee Martin from the right by-line, Luke Chambers has an effort at goal from deep inside the area missing to the left of the target.45:01
The referee gets the second half underway.45:00 +1:26 Half time
Half Time The ref blows to end the first period.44:20
Bradley Orr sends in a cross.43:41
The ball is crossed by Bradley Orr, Roger Johnson makes a clearance.41:33
Stephen Henderson takes the direct free kick.41:33 Booking
Booking Sylvan Ebanks-Blake goes into the book for unsporting behaviour.41:27
Foul by Sylvan Ebanks-Blake on Aaron Cresswell, free kick awarded.41:01
Free kick awarded for a foul by DJ Campbell on Stephen Ward. Free kick taken by Kevin Foley.37:33
Free kick awarded for an unfair challenge on Lee Martin by Kevin Doyle. Stephen Henderson restarts play with the free kick.36:18
Unfair challenge on Sylvan Ebanks-Blake by Luke Chambers results in a free kick. Bakary Sako has a direct shot on goal from the free kick, Andy Drury gets a block in.34:50
Carlos Edwards produces a cross, DJ Campbell has a headed effort at goal from just inside the penalty area that misses to the right of the goal.32:56
The assist for the goal came from DJ Campbell.32:56 Goal scored
Goal! - Aaron Cresswell - Wolves 0 - 1 Ipswich Aaron Cresswell scores a goal from the edge of the area to the bottom right corner of the goal. Wolverhampton 0-1 Ipswich.32:50
A cross is delivered by Lee Martin,28:13
The ball is sent over by Lee Martin, comfortable save by Carl Ikeme.27:12
Bakary Sako produces a left-footed shot from deep inside the penalty area which goes wide of the left-hand post.26:33
Outswinging corner taken left-footed by Bakary Sako, Guirane N'Daw makes a clearance.24:44
A cross is delivered by Bakary Sako, save by Stephen Henderson.23:07
Bakary Sako produces a right-footed shot from just outside the box that misses to the right of the goal.21:09
Kevin Foley fouled by Daryl Murphy, the ref awards a free kick. Carl Ikeme takes the free kick.14:44
The official flags DJ Campbell offside. Indirect free kick taken by Kevin Foley.13:40
Bakary Sako takes the inswinging corner, Stephen Henderson makes a save.12:25
Bakary Sako takes the outswinging corner, clearance made by Guirane N'Daw.11:47
The referee blows for offside. Carl Ikeme takes the indirect free kick.10:59
Free kick awarded for an unfair challenge on Andy Drury by David Davis. Stephen Henderson restarts play with the free kick.9:49
Unfair challenge on Sylvan Ebanks-Blake by Tommy Smith results in a free kick. Free kick crossed left-footed by Bakary Sako from right channel, save made by Stephen Henderson.9:22
Lee Martin takes a shot. Save by Carl Ikeme.7:22
Lee Martin produces a cross, save made by Carl Ikeme.6:06
The assistant referee flags for offside against Kevin Doyle. Stephen Henderson takes the indirect free kick.5:52
Daryl Murphy is flagged offside by the assistant referee. Indirect free kick taken by Kevin Foley.5:11
Guirane N'Daw fouled by David Davis, the ref awards a free kick. Stephen Henderson takes the direct free kick.3:05
Free kick awarded for an unfair challenge on Andy Drury by Karl Henry. Stephen Henderson restarts play with the free kick.2:39
Shot on goal by Lee Martin from just inside the area clears the crossbar.0:00
The match begins.
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