The hosts doubled this lead in injury time of the first half when Gary Taylor-Fletcher scored to give his side the best possible end to the half.
The second half began as the first had ended - with a Blackpool goal. Stephen Crainey's pass found Tom Ince, whose shot from inside the area nestled in the bottom corner after just four minutes of the second period.
Blackpool continued to push, with Ince and Kevin Phillips both being denied by Scott Loach in quick succession before the former got his second of the match, drilling another low shot past the keeper, this time from 20 yards.
Just four minutes after Ince had made it 4-0, things got even better for the Seasiders as Craig Cathcart converted from close range to extend the lead even further.
The goalscoring wasn't over just yet, however, as Nouha Dicko added another in second-half stoppage time to complete the rout.
Blackpool, who now sit top of the table at this early stage of the season, face Leicester City next Saturday, while Ipswich will be looking to respond to this drubbing when they face Carlisle in the League Cup on Tuesday.