David Ngog and Marcos Alonso were on target within the first 10 minutes to ensure Dougie Freedman's men brought up their best home sequence since 1995.
Wolves had goalkeeper Dorus De Vries to thank for limiting the damage thereafter as the hosts threatened to run riot.
Kevin Doyle and Adam Hammill might have reduced the arrears after half-time, but De Vries was rarely far from the action as eighth-placed Bolton closed to within two points of the play-off places.
Another afternoon of high drama at the wrong end of the table ended with Wolves in 19th and one point clear of the bottom three.
Bolton have developed a happy knack of roaring out of the blocks under Freedman's management and they did so again to take a third-minute lead.
Jay Spearing's right-wing corner was headed goalwards by Craig Dawson and, when De Vries was unable to hold the defender's powerful header, Ngog was on hand to slam into the roof of the net.
Further misery was piled onto Wolves as a set-piece undid them once more, Alonso's shot squirming past the best efforts of a wrong-footed De Vries after Medo Kamara's drive was deflected into his path.
Wolves eventually stemmed the tide but offered little by way of an attacking threat until Cassidy had a shot blocked by Dawson with half-time approaching after Ngog failed to play his way out of trouble.
Ngog should have given Bolton further breathing space in the 49th minute. The former Liverpool striker burst clear of the Wolves defence but inexplicably hesitated, allowing Karl Henry to intervene with a vital challenge.
Bogdan was enjoying a quiet afternoon on his return to the Trotters' first XI but vindicated his manager's decision with a magnificent reaction save in the 63rd minute, tipping Doyle's firm header from Kaspars Gorkss cross out of the top corner.
Wolves substitute Hammill might have capitalised on an error from Dawson before being forced wide by Bogdan, while opposite number De Vries was in action to deny Ngog once more before full-time.