Ipswich arrived at Blundell Park with successive 1-0 away wins behind them and they had the chances earlier on to have taken the lead.
But it was Grimsby who stunned the visitors with a fine opening goal after eight minutes.
Skipper Matt Holland gave the ball away in midfield and when Stuart Campbell played in Steve Kabba the on-loan striker made no mistake from 12 yards.
The pacy Kabba was proving too hot to hold for Ipswich and when he was brought down in full flight by Wayne Brown after 18 minutes, acting kipper Alan Pouton buried the penalty to put Grimsby two goals to the good.
From this point on Grimsby took charge and Ipswich were lucky to reach half time without conceding again.
Ipswich's expected second-half fightback never materialised and Grimsby made absolute certain with a fine third goal on the hour.
Kabba started the move in midfield with a sweeping pass out to George Santos and then converted the cross from close range to make it 3- 0.
Grimsby might well have added further goals through Steve Livingstone, returning after serious injury, and Paul Robinson, who could have had a hat-trick himself as the Mariners continued to carve out the chances.
The victory, only Grimsby's second of the season still leaves them second from bottom, a point behind Sheffield Wednesday.
For Ipswich boss George Burley it was a real setback as his team had started to show a bit of form and there is still much to be done if they are to make a serious attempt at a return to the Premiership.