Matt Doherty scored a second half brace for the Premier League side as they booked their place in the third round.
Neil Critchley’s side came close on a couple of occasions, with two long-ranged efforts hitting the woodwork.
Richard O’Donnell made his first save of the evening after only six minutes.
Boubacar Traore placed a shot straight into the hands of the 34-year-old, following a dangerous looking move from the home team.
After being unsuccessful on their first attack, Wolves were able to open the scoring with their second.
The Seasiders keeper did well to stop an initial effort, but Sasa Kalajdzic was on hand to finish from the rebound.
Critchley’s side came close to instantly pulling level again, with a Kenny Dougall shot from distance striking the inside of the post.
Ahead of the half hour mark, the home side doubled their advantage.
Pablo Sarabia slotted the ball through to Fabio Silva, who fired past O’Donnell with the help of a deflection.
Wolves had to wait until the hour mark to add their third of the evening.
Sarabia got onto a loose ball down the left side, before crossing to the back post- where Doherty was waiting to head home.
It wasn’t long until the Republic of Ireland international had his second of the night.
The 31-year-old received the ball in space in the box, and was able to tap past O’Donnell at the front post.
Down the other end, Blackpool struck the woodwork again, with a free kick from Callum Connolly smashing against the crossbar.
Heading into the latter stages, Wanderers made it 5-0, with a shot from Nathan Fraser being deflected past the keeper.
The quality of Wolves was evident, and it was too much at times for the Seasiders to deal with.
They didn’t need to go up too many gears to get their goals, but were just that little bit stronger and faster than Critchley’s side.
There was also a bit of fortune, with a couple of the shots being deflected past O’Donnell.
Although Dan Bentley didn’t need to make a save, the Tangerines hitting the woodwork twice is an improvement on recent efforts.
There shouldn’t be too much doom and gloom about the defeat.
Only a true optimist would’ve predicted a Blackpool win, and while the game was over very early on, it can be used as an experience to learn from.
Dominic Thompson looked bright down the left side, while some of the midfielder also had their moments, but were ultimately outclassed.
While expectation was somewhat low this evening, the next outing will be a different a matter, as the pressure will very much be on to deliver against Wigan Athletic at Bloomfield Road.
Blackpool FC: Richard O’Donnell, Matthew Pennington, Marvin Ekpiteta, Callum Connolly, Andy Lyons, Matty Virtue, Kenny Dougall, Jensen Weir, Dominic Thompson (84’), Sonny Carey (67’), Jake Beesley (67’).
Substitutions: Dan Grimshaw, James Husband, Olly Casey, Douglas Tharme, Tashan Oakley-Booth, Albie Morgan (84’), CJ Hamilton (67’), Rob Apter (67’), Owen Dale.