Town ended their own two-game losing streak and made it seven straight wins at home stretching back to last season in a dazzling display of attacking football.
Spanish striker Pablo Counago, back for a second spell at Portman Road, netted twice while skipper Jason De Vos and Jon Walters were also on target while Coventry at least had the consolation of scoring the goal of the game through Stephen Hughes' screamer.
Coventry actually had the better of the opening exchanges, but it was Ipswich who went ahead on ten minutes when Owen Garvan floated a free-kick to the far post and De Vos beat Dimi Konstantopoulos with a downward header.
The lively Leon Best had an effort blocked by both Alex Bruce and Dan Harding before heading over when well-placed to meet a Jay Tabb cross.
Konstantopoulos parried away an Alan Lee volley before Ipswich doubled their lead on 24 minutes when Walters headed back Harding's deep cross and Counago squirmed away from two defenders before prodding beyond the Greek keeper.
Tommy Miller drew a decent save from Konstantopoulos with a firm low drive before Town netted again on 40 minutes, moments after Harding's fierce 25-yarder was hacked off the line by Hughes.
Coventry couldn't clear their lines though from the ensuing Garvan corner, and when Gary Roberts whipped the ball back in, Walters beat Konstantopoulos with a firm downward header.
Town could have scored a fourth before the break, Lee playing in Walters at the end of a sweeping move which began on the edge of their own box, but Konstantopoulos made a fine save with his outstretched right leg.
There was controversy seconds after the break when Bruce and Neil Alexander were involved in a mix-up and Dele Adebola nipped in only to shoot wide, with replays showing Bruce grabbed at his legs and could easily have conceded a penalty and been sent off.
That could have put a different complexion on the match, but Ipswich sealed the points on 57 minutes when another dangerous Garvan cross was glanced on by Walters to Lee whose firm header was well saved by Konstantopoulos but dropped perfectly for Counago to net from close range with his head.
Counago was denied a hat-trick by a good save from Konstantopoulos, and the visiting keeper also saved well from a firm Lee header after Walters crossed from the right.
Coventry netted a consolation with a fierce 30-yard free-kick from Hughes and with Ipswich 4-0 up the home fans were even able to appreciate it and applauded warmly.
The game petered out after that with Ipswich soaring up the table from 19th at start of play to 10th, with a game in hand on many of those above them, including Coventry, who could have gone second but are now eighth after a second three-goal defeat in a week.