Nicolas Jackson required just two minutes to open the scoring, before Matheus Cunha levelled the score after previously seeing an effort ruled out for an offside infringement.
The Brazilian then saw a deflected effort strike the woodwork just three minutes before Palmer netted a stunning goal to restore Chelsea's slender advantage.
While Jorgen Strand Larsen registered a second equaliser in first-half stoppage time, Wolves had no reply to Chelsea's relentless start to the second period.
Madueke took the game away from Wolves with a 14-minute hat-trick, with Palmer providing the assists for all three of the winger's goals.
There was still plenty of time left for Joao Felix to net on his Chelsea return, piling the misery on Wolves just moments after Mario Lemina had a goal chalked off.
Enzo Maresca's side cruised through the closing stages to claim their first Premier League win of the season, while Wolves are left languishing in 19th spot following back-to-back defeats.
WOLVES VS. CHELSEA HIGHLIGHTS
2nd min: Wolves 0-1 Chelsea (Nicolas Jackson)
Chelsea make a fast start at Molineux. A corner is flicked on towards the back post where an unmarked Jackson is waiting to head in from close range.
27th min: Wolves 1-1 Chelsea (Matheus Cunha)
Wolves are back on level terms. Rayan Ait Nouri showcased his nimble footwork to get away from the Chelsea midfield before laying the ball off to Cunha. The Brazilian strokes home a first-time finish to open his account for the new season.
45th min: Wolves 1-2 Chelsea (Cole Palmer)
Chelsea restore their advantage before the break. Jackson latches onto a long ball forward before knocking it into the path of Palmer, who quickly looks up and sweeps a left-foot strike over Jose Sa and into the net.
45+6 min: Wolves 2-2 Chelsea (Jorgen Strand Larsen)
Wolves carve out another equaliser to go into the break on level terms. Toti produces a cushioned header from Ait Nouri's free-kick, directing it across goal for Strand Larsen to poke home his first Premier League goal.
49th min: Wolves 2-3 Chelsea (Noni Madueke)
The visitors take the lead for the third time at Molineux. Chelsea take a free-kick from just inside their half, and they work it to Palmer, who offloads the ball to Noni Madueke on the right side of the box. Madueke manages to pick out the far corner with the aid of an Ait Nouri deflection.
58th min: Wolves 2-4 Chelsea (Noni Madueke)
Madueke grabs his second and Chelsea's fourth. The winger collects the ball from Palmer before drilling a low right-foot strike past Sa to give his side a crucial two-goal cushion.
63rd min: Wolves 2-5 Chelsea (Noni Madueke)
It is that pair again. Wolves lose possession deep inside their half and are subsequently punished as Palmer shifts the ball to Madueke, who takes a touch and fires into the net to wrap up his hat-trick.
80th min: Wolves 2-6 Chelsea (Joao Felix)
Felix marks his second Chelsea debut with a goal. Former Wolves attacker Pedro Neto cuts the ball back for Felix to produce a thumping first-time finish to take the visitors' tally to six.
MAN OF THE MATCH - NONI MADUEKE
Palmer would be recognised as the man of the match on any other day after providing three assists and scoring one goal in an impressive display.
However, it is impossible to overlook Madueke, who showcased his goalscoring instincts to register his first hat-trick in senior football.
Madueke also demonstrated that he can be a threat with his weaker foot after scoring the second and third of his three goals with his right boot.
The former PSV Eindhoven attacker also celebrated becoming the sixth youngest player to score a Premier League hat-trick for Chelsea.
WOLVES VS. CHELSEA MATCH STATS
Possession: Wolves 39%-62% Chelsea
Shots: Wolves 12-14 Chelsea
Shots on target: Wolves 4-8 Chelsea
Corners: Wolves 5-5 Chelsea
Fouls: Wolves 13-13 Chelsea
BEST STATS
WHAT NEXT?
After making a statement at Molineux, Chelsea will now turn their focus back to European matters for the second leg of their Europa Conference League playoff tie against Servette.
As for Wolves, they will look to bounce back from consecutive defeats when they play host to Burnley in Wednesday's EFL Cup clash.