Saracens director of rugby Mark McCall conceded his side were taught a lesson by Wasps at Allianz Park.
Wasps flew out of the blocks in north London with three tries in the first eight minutes but did not stop there against the Aviva Premiership leaders.
The visitors were 31-16 ahead at half-time and by the time the final whistle went, they had crossed the whitewash eight times and run out 64-23 winners.
"Give Wasps an unbelievable amount of credit, they were phenomenal," said McCall, whose side had previously lost just once in 11 league games this season.
"They gave us a lesson with and without the ball and we didn't see that coming. I suppose how we respond next is more important than looking back on this game.
"It's hard to know what to say and to put it into words. For the last seven months things have gone our way and the players have worked really hard and they've earned everything we've got.
"We've played some good rugby and won a lot of matches in that period of time but obviously today went badly wrong.
"The good news is we've got a match in six days' time against Gloucester and a chance to rectify what went wrong."
Charles Piutau, Thomas Young and Dan Robson went over early on before Brad Barritt pulled a try back for Saracens.
That didn't turn the tide, however, as Nathan Hughes grabbed a quickfire double before the break and Jimmy Gopperth and Piutau each went over after it.
Jim Hamilton got Sarries' second score but they never looked like mounting a serious comeback as scrum-half Robson scored his second and Wasps' eighth 13 minutes from time.
"It's one of those days when everything seems to go your way and every pass sticks," said Wasps director of rugby Dai Young.
"If you'd come to see us train on Friday you wouldn't have seen that performance coming because everything we tried on Friday went wrong, every ball went down. Today we did the same moves and every pass stuck so I'm really proud of the players.
"The really pleasing thing is that we didn't let up. We had 80 minutes of real quality across the board and it was very difficult to pick out a poor performance or an aspect of our game that didn't go as well as we talked about.
"I'm delighted with everyone's performance but I'm not going to get carried away with myself."