This paper presents a fast computational technique based on the wavelet collocation method for the numerical solution of an optimal control problem governed by elliptic variational inequalities of obstacle type. In this problem, the solution divides the domain into contact and noncontact sets. The boundary between the contact and noncontact sets is a free boundary, which is not known a priori and the solution is not smooth on it. Accordingly, a very fine grid is needed in order to obtain a solution with a reasonable accuracy. In this paper, our aim is to propose an adaptive scheme in order to generate an appropriate and economic irregular dyadic mesh for finding the optimal control and state functions. The irregular mesh will be generated such that its density around the free boundary is higher than in other places and high-resolution computations are focused on these zones. To this aim, we use an adaptive wavelet collocation method and take advantage of the fast wavelet transform of compact-supported interpolating wavelets to develop a multi-level algorithm, which generates an adaptive computational grid. Using this adaptive grid takes less CPU time than using a full regular mesh. At each step of the algorithm, the active set method is used for solving the optimality system of the obstacle problem on the adapted mesh. Finally, the numerical examples are presented to show the validity and efficiency of the technique.