Kevin Doyle's first goal in 16 appearances proving to be the difference for Dean Saunders' struggling Wolves side.
The Robins remain stranded at the bottom of the table after failing to hold onto a lead that was gifted to them in the first half.
David Davis' 25-yard back pass managed to squirm under the boot of goalkeeper Carl Ikeme to give the visitors the lead but second-half strikes from Sylvan Ebanks-Blake and Doyle kept Wolves off the foot of the table.
A win for fellow strugglers Peterborough at Blackpool means Wolves stay 23rd but are now just a point from safety.
Kane Ferdinand's header in first-half stoppage time was enough for Posh to win at Bloomfield Road and remain above Wolves by virtue of goals scored.
Leaders Cardiff secured a routine win at lowly Sheffield Wednesday to open up a seven-point lead at the top of the Championship.
Don Cowie struck just before half-time with a Matthew Connolly sealing the win for Malky Mackay's side.
Second-placed Hull lost ground on Cardiff after throwing away a lead at home to in-form Nottingham Forest.
George Boyd, who looked set to move to Forest in January before the club cancelled the deal due to a failed eye test, put Steve Bruce's Tigers ahead but Darius Henderson equalised before Lewis McGugan secured Forest's sixth straight win with six minutes remaining.
Watford could not capitalise on Hull's loss thanks to a first half Bobby Hassell header for Barnsley, with the 1-0 win moving the Tykes up to 20th.
Bolton's five-match winning streak was ended by Mick McCarthy's Ipswich with Carlos Edwards' 88th minute goal enough for the Tractor Boys to take all three points.
Huddersfield were successful in the West Yorkshire derby with on-loan striker James Vaughan netting a late winner in a 2-1 victory at Leeds United.
Neil Danns had given the visitors the lead before Aidy White levelled with a header after coming off the bench.
Leeds could not hold on for the point with Vaughan scoring four minutes from the end.
Nikola Zigic scored the only goal of the game as Birmingham won at Middlesbrough whilst FA Cup semi-finalists Millwall won 2-0 at Charlton earlier in the day, with Shane Lowry grabbing a second after Jermaine Easter had opened the scoring with his first touch since joining the Lions.
In the day's late game, Derby dealt Leicester's promotion hopes a huge blow with a deserved 2-1 victory in the East Midlands derby at Pride Park, pushing themselves further away from the relegation dogfight.
The Rams were rarely threatened by the fancied Foxes, and goals from Richard Keogh and Chris Martin cancelled out Jeffrey Schlupp's consolation for the Foxes.
Derby, without a win in eight capitalised on a poor Leicester showing, first with Keogh'ss 16th minute close-range header from Jamie Ward's cross.
Martin added to Leicester's woes on the stroke of half-time with another header on the 44th minute, leaving Leicester in dire straits.
Jeffrey Schlupp scored his first goal in over a year as Leicester briefly threatened a fightback, but Derby held on to claim all three points.