Lockett had 14 points and King contributed 10 as Arizona State (2-3) took a commanding 40-21 lead at halftime. Consecutive layups by Kyle Cain and Lockett put Arizona State up 32-15 with 4 minutes left in the first half.
Wake Forest (3-2) got 17 points from C.J. Harris. He has scored in double-figures in all five games this season.
Chris Colvin's 3-point play gave Arizona State a 45-21 lead with 17 minutes to play. King hit a long-range jumper that extended the Arizona State lead to 59-31 at the 11-minute mark.
King had all six points for the Sun Devils when they grabbed an early 6-1 lead. Lockett's 3 made it 19-7 midway through the half.
Lockett had 15 points and seven rebounds in Arizona State's 55-44 loss to Fairfield on Thursday.
Wake Forest shot just 28 percent (7 for 25), compared to the Sun Devils' 59.3 percent (16 for 27) during the opening 20 minutes.
Wake Forest went four minutes into the second half before scoring. Harris ended the drought on his 3-point play.
This was the first meeting between Wake Forest and Arizona State, which will close out the tournament Sunday against DePaul.
Wake Forest and Texas Tech, both 0-2 in the tourney, will also face off Sunday.