While Wasps racked up five tries – including two from winger Tom Voyce – Saracens' only consolation from the day was a bare three points from the boot of fly-half Andy Goode.
It means that Saracens are firmly rooted near the foot of the table, in 11th spot, with just two wins in seven ties.
The visitors drew first blood through the boot of Mark van Gisbergen and despite some promising attacks from the home side, it was virtually one-way traffic all afternoon as Goode missed several attempts at goal – including two drop goals.
Goode did find his target for that solitary penalty in the first half, but Saracens effectively lost control of the match during a whirlwind period in the first half when Wasps took them apart with several pacy attacks.
Ian Clarke opened the try-scoring with a long range effort and Wasps scored their second try just seconds before half-time, Voyce racing in.
The second half saw Wasps romp to a well-deserved victory as they reduced the home side to mere spectators.
For Saracens:Penalty: Goode For London Wasps:Tries: Clarke, Dowd, Voyce 2, WatersCons: Van Gisbergen 4Pens: Van Gisbergen 3