England Under-21 international winger Kightly struck in each half as Wolves raced to their third win in four league games.
Wolves were home and dry by half-time after strikes from David Jones, a Wes Morgan own goal, Kightly and Chris Iwelumo gave them an unassailable 4-0 lead.
Forest, who have now lost two of their opening four league games on their return to the Championship, simply had no answer to Wolves' superior firepower.
All they had to show for their efforts was a 55th-minute consolation own goal from Richard Stearman who headed a Lee Martin corner into his own net.
But that didn't signal the end of their punishment as Kightly sealed the rout with a classy piece of finishing.
He cut in from the right wing and weaved his way past two Forest defenders before beating Paul Smith with a well-placed left-foot shot.
Forest had adopted a bold approach with Robert Earnshaw, Nathan Tyson and Martin operating in a three-pronged attack but they really made no impression.
Somewhat ironically, Forest came close to breaking the deadlock when Martin was denied in the 13th minute by Wayne Hennessey.
But that was as good as it got for the City Ground side in the opening period as they were swept aside by four goals in 31 minutes.
Wolves were ahead after 14 minutes when Sylvan Ebanks-Blake rolled the ball into the path of Iwelumo and his lay-off was curled home from 20 yards by Jones.
Iwelumo then headed over when well-placed before a slice of luck handed Wolves their second in the 29th minute.
A free-kick by Jones was punched out by Smith only for his clearance to bounce off the head of Forest defender Wes Morgan and back into his own net.
Kightly, who had earlier rattled the bar, made the game safe two minutes before half-time when he was picked out by Ebanks-Blake and drove home from 20 yards.
Forest were still reeling from that setback when Matt Jarvis raced clear down the left-wing and crossed for Iwelumo to pounce on the edge of the six-yard box.