A brace from Michael Essien and one goal each from Florent Malouda and Joe Cole secured the victory for the Blues.
The Italian told Sky Sports: “We have some things that we can do better but we are happy, we are satisfied because we have played well and we won.
“Sometimes Wolverhampton is not an easy team and we started the game very well, after 20 minutes it was 3-0 and after we went in, we had a good control of the game.”
Frank Lampard, Didier Drogba, Deco and Michael Ballack did all miss the game due to injuries.
Ancelotti added: “This means that we have a very good squad, I can use other players, also young players – this is for a coach the most important thing.”