The striker dispatched an early penalty to give Manchester City the lead, before powerfully heading home a second to put the hosts in control.
A second penalty before half-time handed Haaland his second hat-trick in two seasons against Wolves, to end a disastrous first half for the visitors.
Hwang Hee-chan netted just eight minutes into the second half to give Wolves hope, but City responded within a minute as Haaland curled home a wonderful fourth.