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The hosts started the game brightly, scoring the game's first try through Mathieu Bastareaud inside 10 minutes, as the French centre powered through to touch down between the sticks.
Neither side were able to score another first-half try but both put on fine kicking displays, which mainly came from home team, who led the Premiership outfit by 22-6 at half time.
Wasps regained a bit of hope as William Helu broke through on the right-hand side to bring the points difference back to single digits, making it 22-13 with the completed conversion.
The Helu try rattled the French side, and they looked increasingly nervy in handling the Wasps attacks.
However, Frederic Michalak continued his fine kicking performance, scoring his sixth penalty to make it 25-13 to the French side.
Wasps started to stage a late comeback, as Helu produced a carbon-copy of his first try to touch over again with seven minutes remaining.
Ali Williams put the game to bed in the 77th minute, however, as Toulon tore apart the Wasps defence for the second time in the match, making the final score 32-18.