Cort scored three times in two games against Rangers last season and the former Newcastle United striker struck twice in the first-half and once in injury-time to seal this victory.
Rangers had briefly been given hope by an equaliser from Kevin Gallen, who having scored in both games against the Molineux outfit last term, seems to favour playing against Wolves almost as much as Cort likes to line-up against Rangers.
But his latest strike proved to be in vain as Rangers crashed to their second away defeat in three games on the road this season as Wolves moved back into the higher reaches of the Championship.
Wolves would have eased to a far bigger margin of victory if their finishing had been better and they had to survive some concerted Rangers pressure in the second period.
Impressive midfielders Marc Bircham and Tommy Doherty did their best to inspire Rangers but they could not find their way past a Wolves defence in which Joleon Lescott was again outstanding.
Cort only needed eight minutes to break the deadlock when he ended a move that he started.
Rohan Ricketts saw his close-range drive blocked by visiting goalkeeper Simon Royce after being set-up by Cort. Ricketts then fired the loose ball across the face of goal which Leon Clarke mis-kicked allowing Cort to drill home a low drive at the far post.
But Wolves' celebrations proved to be short-lived as Rangers were back on level terms just four minutes later.
Rangers forward Stefan Moore used his pace to race past Wolves right-back Jackie McNamara and deliver a pinpoint cross that Gallen headed past goalkeeper Michael Oakes, who was left rooted to his line.
The shock of being dragged back to level terms rocked Wolves and they would have fallen behind in the 16th minute if Oakes had not come up with a smart save to deny Paul Furlong.
That let-off sparked Wolves back into life and they regained the initiative after 24 minutes, when Cort again set the seal on a neat move.
McNamara's cross-field ball released Naylor, who in turn released Kenny Miller. The Scotland striker showed a clean pair of heels to R's defender Ian Evatt and whipped in a cross that Cort stabbed home from close range.
Wolves then made a determined bid to put the game out of the visitors' reach before half-time only for Clarke and Rickets to waste clear chances.
The home dominance in terms of chances created continued after the break, but Miller, without a goal in the league this season, continued to be frustrated.
It was of his own making as twice within the space of 60 seconds he was sent clear only to be denied on both occasions by smart saves from Royce.
Cort again showed him the way to goal in injury-time when he collected a pass from Ricketts and rolled the ball beyond the advancing Royce.