The 30-year-old Republic of Ireland international completed his move to Selhurst Park just before the close of the transfer window as his fellow forward Glenn Murray departed the Eagles for Reading, also on loan until January.
Doyle, who spent the end of last season on loan at QPR, will boost Neil Warnock's attacking options as he competes with Marouane Chamakh, Dwight Gayle and Fraizer Campbell for a starting spot.
He has not featured for Wolves so far this season.
Murray, 31, leaves Palace after struggling to make an impact following his return from a serious knee injury in February.
The former Brighton striker was the Championship’s top goalscorer in the 2012/13 season with 30 goals as Palace secured a playoff place and promotion to the Premier League.