Guedioura's 57th-minute rocket from long range settled Saturday's Championship game in the visiting side's favour after Billy Sharp had cancelled out Bjorn Sigurdarson's early opener to send the teams into the break all-square.
Alan Hutton made his Forest debut. The Scottish full-back this week joined the Reds on loan until January after dropping down the pecking order at Aston Villa.
His selection ahead of Brendan Moloney was one of five changes made by boss Sean O'Driscoll as Dan Harding, Henri Lansbury, Simon Cox and Guedioura were all recalled.
Wolves had Christophe Berra available after the red card he received in the 2-1 defeat at Watford last weekend was rescinded by the Football Association following an appeal by Wanderers. Elsewhere, Kevin Foley replaced Richard Stearman in defence.
Wolves went fortuitously ahead after five minutes. Jermaine Pennant's attempted pass to Kevin Doyle deflected off a Forest defender and into the path of Sigurdarson who finished emphatically from just inside the box.
There were chances at both ends before Sharp's equaliser, with Doyle having a shot blocked by Ward and Sharp's goalbound volley ricocheting around a crowded penalty area.
Forest were back on level terms after 16 minutes. Sharp brilliantly brought down Lansbury's long, diagonal pass and the striker kept his composure to slide a shot beneath Carl Ikeme with his next touch.
The first half continued to be an open affair with Cox shooting agonisingly wide before Bakary Sako sent a shot over the crossbar at the other end and Danny Collins blocked superbly to deny David Edwards after Sako's cross had been palmed away by Lee Camp.
Camp prevented Wolves from going into half-time in front with a terrific save from point-blank range to thwart Sigurdarson.
Wolves started the second half sluggishly and never improved. Cox shot straight at Ikeme before Guedioura's 25-yard thunderbolt saw the visitors take the lead.
The Algeria international, who enjoyed three seasons in the Premier League with Wolves, did not celebrate against his former club and his strike was even applauded by some sections of the home support.
Cox was carried off on a stretcher after 65 minutes following a coming together with Foley. It looked like a serious injury and it could be a cause for concern for O'Driscoll.
Substitute Sylvan Ebanks-Blake headed straight at Camp late on but Stale Solbakken's side never really looked like salvaging anything from the game and are now without a league win in eight matches, losing five.