David Edwards and Sylvan Ebanks-Blake scored their first goals for Wolves as Scunthorpe were convincingly beaten.
Debutant Edwards scored after only eight minutes when he drove in a low shot after a pass from Andy Keogh.
And 45 seconds after the restart Wolves doubled their lead as Ebanks-Blake out-muscled Andy Crosby and lifted a shot over the keeper.
Ebanks-Blake twice went close to scoring again as Wolves dominated a poor Scunthorpe side.
Wolves boss Mick McCarthy on new boys David Edwards and Sylvan Ebanks-Blake:
"I was delighted with both the new signings, I thought they had excellent performances.
"If anything, Sylvan's performance highlighted the difference between him this week and last week, when he has prepared properly and had been with us for a week.
"I thought Dave Edwards was excellent too and he and Karl Henry were fantastic in midfield. They enabled me to play the two wingers as they gave us good balance."
Scunthorpe boss Nigel Adkins:
"They're able to spend £1.5 million on Ebanks-Blake and he's done well for them all game and his goal changed the complexion of the game.
"As it is we've now got 18 games to go and we're looking to pick seven victories up.
"You have to be brave enough to go after the win - the risk is you can end up without anything or on the end of a beating but you need to try.
"The lads are tying to do the best they can. We're all trying to do that. We're not relegated yet and there'll be no throwing in of the white flag."
Scunthorpe: Murphy, Byrne (McCann 56), Crosby, Martis, Williams, Sparrow, Cork, Morris, Hurst (Forte 49), Paterson, Hayes (May 56).
Subs Not Used: Lillis, Butler.
Booked: Byrne, Sparrow.
Wolverhampton: Hennessey, Foley, Darren Ward, Collins, Gray (Rob Edwards 57), Jarvis, Henry, David Edwards, Elliott, Keogh, Ebanks-Blake (Stephen Ward 88).
Subs Not Used: Stack, Potter, Eastwood.
Booked: David Edwards, Ebanks-Blake.
Goals: David Edwards 8, Ebanks-Blake 46.
Ref: Mike Russell (Hertfordshire).