Williams was 14 of 20 for 282 yards and connected with Hollins on scoring passes of 57, 4 and 42 yards.
The QB added a 13-yard touchdown run while helping the Tar Heels (5-1, 2-0 Atlantic Coast Conference) win their fifth straight, rolling up at least 38 points in each victory.
Elijah Hood added 101 yards rushing with a 36-yard TD run, and T.J. Logan had a 1-yard scoring burst during the Tar Heels' season-best 29-point second quarter. They scored 22 of them in a span of 3 minutes, 42 seconds.
John Wolford was 16 of 22 for 176 yards with touchdown passes of 1 yard to Cam Serigne and 5 yards to Tabari Hinds for the Demon Deacons (3-4, 1-3).
The Tar Heels -- who entered with the ACC's top offense in both points (38) and total yards (471) per game -- moved the ball at will against a Wake Forest team that entered 15th in the FBS in total defense, finishing with 538 total yards.
All of Hollins' catches went for scores, and he became the first North Carolina player with three TD catches since Dwight Jones against Duke in 2011.
North Carolina took control of this game by scoring on its first four possessions of the second quarter.
And it started on the first snap -- when Williams aired it out for the deepest of Hollins' catches, tying it at 7.
Tyler Bell fumbled a screen pass on the first play of Wake Forest's following possession, and Williams countered with his scoring run through the right side that put North Carolina ahead to stay.
Hood then rumbled for 29 and 36 yards on consecutive carries, the latter a touchdown run that made it 22-7, and Logan followed a 61-yard catch-and-run by Austin Proehl -- the son of former Wake Forest and NFL player Ricky Proehl -- with his short TD that made it 29-14.
Wake Forest, which didn't force any turnovers during its first five games, picked off passes on each of North Carolina's first two possessions but only managed seven points out of them and took its only lead when Wolford's short toss to Serigne midway through the first made it 7-0.