It was Palmer's fourth treble in three years for the Blues, earning him a 9.8 Flashscore player rating.
He scored twice from the penalty spot before firing a strike into the roof of the net to complete his hat-trick inside 38 minutes.
The outing at Molineux saw Palmer become the first player in Premier League history to score three first-half hat-tricks.
Chelsea will look to continue their momentum when they host Leeds in the Premier League on Tuesday night.