Match ends, Ipswich Town 2, Wolverhampton Wanderers 1.
Daryl Murphy struck twice as Ipswich overcame an in-form Wolves side to move into the Championship play-off places.
The Republic of Ireland striker curled in the opener from an angle after robbing Kevin McDonald of possession.
Wolves, beaten just once since August, levelled when James Henry's cross went straight in, but Murphy raced clear to lob in his 10th of the season.
Mick McCarthy's side have now only lost once in 13 outings and sit just three points behind new leaders Bournemouth.
The Ipswich boss was without five key players from their 2-0 victory at Blackpool on Saturday, but his replacements helped deliver a deserved victory against a side who have impressed following promotion from League One.
A run of one defeat in 13 games before kick-off had catapulted Kenny Jackett's side to fourth.
McCarthy led Wolves to the top tier in 2009, but his current side looked more impressive on the night and should have led early on when Jay Tabb rounded off a superb team move with a tame finish.
Wolves - who wore black armbands in memory of their former defender Eddie Stuart, who died on Tuesday at the age of 83 - lost Dave Edwards to injury before falling behind to Murphy's classy finish.
He gave his side a half-time lead after McDonald's error near the Ipswich penalty box and keeper Carl Ikeme kept the score at 1-0 moments later, denying David McGoldrick's low effort.
Ipswich are now in their 13th consecutive season in the second tier, and with nine clubs within six points of top spot, the competitive nature of the division is evident.
Wolves levelled fortuitously after the break when Henry's whipped delivery evaded everyone to nestle in the net, but their parity was short-lived.
Murphy's second - a lofted finish over the onrushing Ikeme - was expertly judged and Town comfortably saw out proceedings to end Wolves' run of six away games without defeat.
Ipswich Town manager Mick McCarthy:
"It was a fabulous performance and Daryl Murphy has been great.
"I was delighted, we played well and I think we deserved the win - it is better still when you deserve the win.
"It was a confident performance and one of our better ones this season. We didn't let Wolves play. They are a good team who play some good football but we didn't allow them to.
"It was a really good competitive Championship game with some quality between two sides near the top of the league."
Wolverhampton Wanderers head coach Kenny Jackett:
"I have no complaints, Ipswich worked our goalkeeper more than we worked their goalkeeper.
"You look at the nature of their goals, they were two quite glaring individual mistakes from Kevin McDonald and Lee Evans.
"But both have been good players for us.
"You can look at other incidents - we might have had a penalty in the first half on Michael Jacobs and sometimes they are given.
"But Ipswich put pressure on us physically and we never exploited the spaces that were out there."
- 4ChambersBooked at 90mins
- 19HyamBooked at 26mins
- 17BruBooked at 90mins
- 18TabbSubstituted forAmbroseat 79'minutes
- 10McGoldrickSubstituted forSammonat 90'minutes
- 12HuntSubstituted forAndersonat 76'minutes
- 2DohertyBooked at 30mins
- 7HenrySubstituted forvan La Parraat 82'minutes
- 4EdwardsSubstituted forJacobsat 14'minutesSubstituted forMcAlindenat 79'minutes
- 9ClarkeBooked at 90mins
- 17van La Parra
- Andy Madley
- Shots on Target
Second Half ends, Ipswich Town 2, Wolverhampton Wanderers 1.
Leon Clarke (Wolverhampton Wanderers) is shown the yellow card for a bad foul.
Foul by Leon Clarke (Wolverhampton Wanderers).
Bartosz Bialkowski (Ipswich Town) wins a free kick in the defensive half.
Kevin Bru (Ipswich Town) is shown the yellow card for a bad foul.
Rajiv van La Parra (Wolverhampton Wanderers) wins a free kick in the defensive half.
Foul by Kevin Bru (Ipswich Town).
Corner, Ipswich Town. Conceded by Tommy Rowe.
Attempt blocked. Kevin McDonald (Wolverhampton Wanderers) right footed shot from the centre of the box is blocked.
Attempt missed. Bakary Sako (Wolverhampton Wanderers) left footed shot from the centre of the box misses to the right. Assisted by Rajiv van La Parra following a set piece situation.
Luke Chambers (Ipswich Town) is shown the yellow card for a bad foul.
Bakary Sako (Wolverhampton Wanderers) wins a free kick on the left wing.
Foul by Luke Chambers (Ipswich Town).
Substitution, Ipswich Town. Conor Sammon replaces David McGoldrick.
Offside, Ipswich Town. Tyrone Mings tries a through ball, but David McGoldrick is caught offside.
Attempt missed. Bakary Sako (Wolverhampton Wanderers) left footed shot from more than 35 yards is high and wide to the left from a direct free kick.
Leon Clarke (Wolverhampton Wanderers) wins a free kick in the attacking half.
Foul by Paul Anderson (Ipswich Town).
Kevin McDonald (Wolverhampton Wanderers) wins a free kick in the defensive half.