Haaland made it to 25 goals in the Premier League – and 31 across all competitions – following a clinical display of finishing at the Etihad Stadium.
He headed home his first via a pinpoint cross from the right by Kevin De Bruyne on 40 minutes.
Haaland scored his second from the penalty spot on 50 minutes before getting his third with a cushioned effort on 54 minutes.
The Norwegian has now also scored 18 goals on home soil in the top-flight this season – the most home goals in a single Premier League season for City.
City went in one-up at the break and it was the least we deserved after a first half full of menace.
It was, at times, also a spicy opening period with four yellow cards handed out, including one for opposition boss Julen Lopetegui.
The first talking point came on two minutes as calls for a penalty were waved away by referee David Coote, as John Stones and Nelson Semedo tussled in the box with Kevin De Bruyne set to whip in a corner.
With the Etihad Stadium in full voice, amid chants of ‘Stand up for the Champions’, ‘City’ and ‘Super Jack Grealish’, Max Kilman became the latest player in the book on 10 minutes as he hacked down Ilkay Gundogan following a slick move sent the German down the left flank.
Gundogan, initially dazed by the challenge and in need of treatment, was back in action several minutes later.
There was another yellow card for the visitors on 13 minutes as Mario Lemina argued a decision a little too vociferously, Hwang Hee-chan having been adjudged to have fouled Rico Lewis, the Gabonese midfielder feeling it should have gone the other way.
Boss Lopetegui clearly felt the same way as he was added to the book by referee Coote.
After that initial period, which didn’t get going due to the stoppages for cautions, City eased into their usual dominant pressing, passing game – and created a host of chances.
Haaland almost opened the scoring on 18 minutes after being played in nicely by De Bruyne down the left channel.
Our star striker’s shot was well saved by Jose Sa and he couldn’t quite create the right angle to get another strike in as the ball ricocheted back to him.
John Stones flew forward on 23 minutes with pace and grace and played a ball down the right to Riyad Mahrez who cut back for Rico Lewis to cross deep to the back post where Jack Grealish was waiting – but the winger couldn’t quite get the right connection.
Rodri was put in the book on 25 minutes for pulling back Matheus Nunes.
Grealish, a constant menace down that left side, blasted a shot goalwards from 20 yards on 29 minutes but, again, Sa was equal to it as he parried clear.
Rodri fired just over from 25 yards after making space for himself to shoot on 33 minutes.
Grealish felt he should have had a penalty on 42 minutes as he was clipped on the calf by Nathan Collins but the referee waved away the appeals.
In first half stoppage time, Nathan Collins – who was red carded in the corresponding fixture at Molineux, was the hero for the visitors as he stopped two great chances for City.
First, he cleared a Grealish shot from just outside the area off the line and then did much the same from a Gundogan cross from the right.
Haaland stepped up to make it 2-0 on 50 minutes as he made no mistake from the penalty spot with an arrow true and straight down the middle.
The spot-kick was earned when Gundogan was brought down in the box by Wolves skipper Ruben Neves.
On 53 minutes, City fans thought it was 3-0 as Mahrez headed goalwards from a Grealish cross but his effort was into the sidenetting.
Haaland made it a hat-trick on 54 minutes as he cushioned home following an unselfish pass by the onrushing Mahrez.
Ederson was called into action on 68 minutes as he managed to get a hand to Daniel Podence’s cheeky chipped effort.
Substitute Julian Alvarez almost got his name on the scoresheet on 73 minutes as he raced towards goal only for his effort to be saved by Sa.
Gundogan headed over, when well placed, on 80 minutes, with City not letting up in our quest for more goals.
But, despite plenty of effort and endeavour to find another, it remained 3-0 as the referee blew his whistle following three minutes of added time at the end of a dominant 90 for City.
Erling Haaland's scored 25 goals from 74 shots in his Premier League career so far.— Opta Analyst (@OptaAnalyst) January 22, 2023
Manchester City's all-time record goalscorer Sergio Agüero scored his opening 25 league goals from his first 150 shots in the Premier League (more than twice as many). pic.twitter.com/iSSP5vxzoa
Unused subs: Ortega Moreno, Walker, Dias, Cancelo
WOLVES XI: Sa, Semedo, Collins, Kilman, Bueno (Ait-Nouri 81’), Lemina (Podence 67’), Neves, Nunes, A. Traore (Sarabia 46’), Jimenez (Cunha 46’), Hwang (Moutinho 46’)
Unused subs: Sarkic, Toti, Jonny, Costa
Erling Haaland has now moved up to joint 10th in the list of all-time Premier League goalscorers at the Etihad Stadium.
After his hat-trick against Wolves, he’s now scored 18 goals on home soil in the top-flight - despite only joining City this summer.
Haaland is level with Edin Dzeko (18/62) in the list when it comes to strike figures on home soil.
And he’s reached that point in only 11 games.
The stats surrounding his fourth hat-trick are also incredibly impressive.
He achieved that number of trebles in just 19 appearances, breaking Ruud van Nistelrooy's record in a whopping 46 fewer matches.
4 - Erling Haaland has scored his fourth Premier League hat-trick in just his 19th appearance, breaking Ruud van Nistelrooy's record (fourth hat-trick in 65th app).— OptaJoe (@OptaJoe) January 22, 2023
19 - Erling Haaland
65 - Ruud van Nistelrooy
81 - Luis Suárez
86 - Alan Shearer
89 - Robbie Fowler
MAN OF THE MATCH
It was that man - Erling Haaland!
We're fast running out of superlatives for the star striker, who joined us from Dortmund this past summer.
He's a scoring sensation, a fan favourite and an all-round good guy.
On Erling Haaland performance: "He has to get the balls being delivered as much as possible from the fantastic players around him.
"The first goal is because he’s there. The delivery from Kevin is fantastic.
"Always I believe. We know each other. He lives 24 hours for his profession, job, passion, love. He’s not stressed much when it’s going well or going bad. He is stable. He feels the defeats.
"It’s really good. The numbers are incredible."
"Really good. Really proud of the lads today, especially after the last game. How we started that and the feeling at half-time, that we were not at our best, not playing well.
"And we had to correct that and we learnt that today that we need to start well, play our football, be free, be patient, not get frustrated with things and the chances will come and they did.
"Everyone today, everyone who came off the bench, everyone played their part."
WHAT IT MEANS
City are now five points behind Arsenal in the Barclays Premier League table.
The 3-0 victory over Wolves puts us on 45 points from 20 games.
We were briefly just two points from the table-toppers, as we won the day's early game.
But the Gunners defeated Man Utd 3-2 at the Emirates Stadium to keep their distance from City.
They're on 50 points from one fewer, 19, games.
Our final game in January – our seventh of the month – sees us face Arsenal in the FA Cup.
We host the Gunners for a 20:00 kick-off on Friday 27 January at the Etihad Stadium.
It’s a Round Four encounter, having seen off Chelsea 4-0 on home soil in Round Three.
In terms of Premier League action, we travel to their North London neighbours, Tottenham on Sunday 5 February, kick-off 16:30 (UK).
News about Man City v Wolves
Dickov: It took me 20 years to score four hat-tricks, Haaland's done it in 20 games!
Paul Dickov believes there is even more to come from Erling Haaland in the wake of the City striker’s latest record-breaking exploits which secured a 3-0 Premier League win over Wolves on Sunday. Watch more
Pitcam highlights: Manchester City 3-0 Wolves
Enjoy our 3-0 victory over Wolves in the Premier League from a unique angle. Watch more
Guardiola: Haaland's numbers are incredible!
Pep Guardiola sounded a special salute to Erling Haaland, describing the City striker’s goal scoring record as ‘incredible’ after his fourth hat-trick of the season helped secure a fine 3-0 win over Wolves at the Etihad. Read more
Extended highlights: City 3-0 Wolves
Watch the extended highlights from our 3-0 Premier League home victory over Wolves. Watch more
Guardiola: Players improved in win over Wolves
Pep Guardiola believes Manchester City's players responded to his comments earlier this week in Sunday's 3-0 Premier League victory over Wolves. Watch more
City 3-0 Wolves: Stats of the match
It's all about Erling... Read more
Gallery: Hat-trick hero Haaland hunts Wolves!
Erling Haaland scored his 23rd, 24th and 25th Premier League goals of the season, surpassing last season's Golden Boot tally, to inspire City to a 3-0 victory over Wolves at the Etihad Stadium. View more
Short highlights: City 3-0 Wolves
Check out our bitesize video highlights package from the 3-0 home victory over Wolves. Watch more
City v Wolves: Full-match replay
Watch the full 90 minutes from City's 2022/23 Premier League clash with Wolves at the Etihad Stadium. Watch more
City 3-0 Wolves: Tunnel Cam
Go behind the scenes at our convincing Premier League victory over Wolves on Sunday. Watch more