Phil Foden, John Stones and Matheus Nunes were also on target for Pep Guardiola's men, who remain unbeaten in all competitions this season.
City are undefeated in 11 games in all competitions this season after avenging last season's 2-1 defeat on their previous visit to Wolves.
John Stones' 98th-minute equaliser salvaged a 2-2 draw for Manchester City against 10-man Arsenal in a bad-tempered clash between the two favourites for the Premier League title.
Manchester City vs Manchester United, FA Community Shield 2024 Highlights: Manchester City clinch first trophy of 2024-25 season.
Manchester City vs Manchester United Live Streaming FA Community Shield 2024 Live Telecast: When And Where To Watch
Erling Haaland equalled the Premier League record for goals in a 38-game season on Saturday as Manchester City closed the gap on leaders Arsenal to just three points after a day of drama in the top-four race
Pep Guardiola's men know that a win at the Etihad will guarantee a fourth league title in five years.
Manchester City showed their strength in depth as a much-changed side by Pep Guardiola won 3-0 at Fulham on Saturday to stretch their lead at the top of the Premier League.
Premier League: Manchester City are enjoying the longest ever winning streak by an English top-flight team, with 14 of those 20 victories coming in the league to leave their title rivals trailing in their wake.
Croatia are vying for a place in their first-ever World Cup final while England are hoping to feature in the title match for the first time since 1966.