Old adversary Chris Iwelumo haunted the Owls once more as Wolves ran out comfortable winners at Molineux.
The towering targetman bagged a brace for Charlton against Wednesday this time last season and promptly repeated the trick on Saturday, sending SWFC to their first league defeat of the new campaign.
Etienne Esajas had earlier given the Owls the lead but the hosts hit back with Iwelumo scoring either side of Sylvan Ebanks Blake before David Edwards added a fourth right at the last.
Brian Laws shuffled his pack following the first two games of the season against Burnley and Rotherham. Playing in a 4-5-1 system, Jermaine Johnson returned to the starting eleven while Esajas kept his place after impressing on Tuesday facing Rotherham.
The first chance came inside three minutes when Kevin Foley's cross found the head of Matt Jarvis, whose firm header forced Lee Grant into a diving save.
Wednesday cleared the resulting corner and mounted an immediate counter that ended with Esajas sending a snapshot wide from Sean McAllister's feed.
Wolves were dealt a blow on eight minutes when Jody Craddock succumbed to injury and Neill Collins replaced the home captain.
The loss of the skipper did not deter Wanderers, though, as Jarvis sent over another cross that James O'Connor safely negotiated over his own crossbar.
But the Owls began to pass the ball well with confidence, playing neat triangles in the middle of the park, and it was no surprise when they took the lead on the quarter of an hour mark. Tommy Spurr played a smart ball to Deon Burton who in turn found the on-rushing Esajas and the Dutchman cut inside to power a low drive past Wayne Hennessey.
Burton broke free of his marker three minutes later to send in a long ranger to which Hennessey was equal before the game slipped into a lull with neither side causing problems up front.
But the contest sparked back into life on 28 minutes as Wolves forged an equaliser. Foley floated an accurate cross into the danger zone and Iwelumo climbed high to head the hosts level.
Wolves, with Ebanks-Blake starting to look lively, approached half time with more zip to their play and Grant did well to keep out a well-placed shot from Michael Kightly that was heading for the top corner.
Wednesday came out for the second period minus Esajas as substitute and former Wolves man Leon Clarke returned to the Molineux field for the first time since signing for the Owls in January 2007.
The visitors were first to show after the break, with Jermaine Johnson shooting wide across Hennessey, but it was Wolves that stole into the lead on 53 minutes. Jarvis burst free down the left following a Wednesday corner and had his heels clipped in the box by McAllister. The referee had no hesitation in pointing to the spot and Ebanks-Blake blasted home from 12 yards.
Wanderers went 3-1 up six minutes later. Ebanks-Blake sent Kightly racing through on goal and his close range effort beat Grant but came back off the post. Alas for Wednesday, Iwelumo was on hand to poke the ball into an empty net.
The big man could have claimed his hat trick on 66 minutes, failing by inches to get something on Jarvis' cross from the left.
The Owls introduced Jimmy Smith and Luke Boden to bring fresh legs into the engine room, with Steve Watson and Johnson making way.
But the attacking impetus stayed with Wolves and substitute Edwards slotted low past Grant right on the whistle to seal a comprehensive win for the hosts.
Owls: Grant, Hinds, Beevers, Wood (c), Spurr, Esajas (Clarke 46), Watson (Smith 68), O'Connor, McAllister, Johnson (Boden 69), Burton
Unused substitutes: O'Donnell, Gilbert
Wolves: Hennessey, Elokobi, Stearman, Craddock (c) (Collins 8), Kightly (Edwards 86), Henry, Jones, Jarvis (Keogh 75), Foley, Ebanks-Blake, Iwelumo
Unused substitutes: Ikeme, Vokes
Referee: Mr M. Jones
Attendance: 22,491
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