The home side were superb for the opening 50 minutes and deserved more than the 2-0 advantage they had at that point, but they had to hang on after Wolves pulled a goal back soon after.
Both sides played some pleasing football in the first half, with plenty of chances at both ends, the best when Shaun Newton met Lee Naylor's cross to the far post, but slid it wide.
Wanted man Darren Bent, who Charlton had a bid rejected for last week, saw one effort fly narrowly wide after turning on to a Jason De Vos header, but it was Bent who opened the scoring on 28 minutes, heading home a Jim Magilton cross, via his shoulder.
Tommy Miller was unlucky to see his drive strike the underside of the Wolves bar to be cleared, before Sheki Kuqi's firm header required a tip-over from Paul Jones.
Kuqi fired against the post from Bent's cross soon after the break, before Miller doubled the lead on 50 minutes, coolly sending Jones the wrong way from the spot after Joleon Lescott tripped Kuqi.
Town were given a warning on 53 minutes when sub Kevin Cooper's corner was headed just over by Seyi Olofinjana, but they didn't take heed and a minute later Cooper's free-kick found the Nigerian unmarked and he headed home.
That sparked a spell of Wolves pressure as Ipswich suddenly looked nervous, with Kelvin Davis called on to save efforts from Leon Clarke and Naylor.
Wolves boss Dave Jones took off both full-backs and threw on striker Dean Sturridge and midfielder Keith Andrews, but this left them vulnerable to the counter and both Kuqi and Tommy Miller went close again.
Town held on though and can feel happy with their start to the season, with 13 points out of 18, and although Wolves only have four, on the evidence of the second half they will turn the corner soon.
Ipswich: Davis, Diallo, Naylor, De Vos, Wilnis, Miller, Magilton (Dinning 70), Horlock, Westlake, Bent, Kuqi. Subs Not Used: Bowditch, Price, Counago, Barron.
Booked: Wilnis.
Goals: Bent 28, Miller 50 pen.
Wolves: Jones, Lescott, Clyde (Sturridge 68), Craddock, Naylor (Andrews 85), Cameron (Cooper 45), Ince, Olofinjana, Newton, Miller, Clarke. Subs Not Used: Oakes, Lowe.
Booked: Ince.
Goals: Olofinjana 54.
Att: 24,590
Ref: P Crossley (Kent).