Henry’s shot spoiled what looked like a dream debut for Sky Bet Championship newcomer Zach Clough, who struck twice in three first half minutes for the Trotters and looked to have set up a defeat for Wolves.
Instead, Henry came up with a spectacular point saver with virtually the last kick of the game after Nouha Dicko had given them an early lead.
Clough had not featured for Neil Lennon’s side since scoring an FA Cup third round winner against Wigan on January 3.
But the Mancunian teenager returned from his hamstring injury to help the Lancastrians protect their unbeaten home record since Lennon’s appointment last October.
Dicko’s early goal suggested Wolves might register a first win on Bolton soil in 21 years but instead Kenny Jackett’s below-par side almost fell to a defeat until Henry came to the rescue.
Wolves were in front within three minutes when Dicko raced onto Kevin McDonald’s through ball, threading his shot between Andy Lonergan and the keeper’s near post for his sixth Championship goal of the season.
Bolton, with four changes from their 4-2 defeat at Rotherham on Tuesday came close to equalising after 18 minutes.
Clough set-up Adam Le Fondre but the on-loan Cardiff striker skied his shot from eight yards. Five minutes later Bolton were level courtesy of the irrepressible Clough.
Darren Pratley was felled by skipper Danny Batth and Clough curled in a 20-yard free kick out of Carl Ikeme’s reach.
Clough’s second was even better though Dominic Iorfa was badly at fault for not shutting down the build-up. Iorfa’s weak challenge allowed Tim Ream to cut the ball back to Clough who eluded one challenge before shooting through a crowd of legs past Ikeme.
Bolton, however, suffered a set-back less than a minute into the second half as Pratley pulled up with a hamstring injury chasing back with Iorfa.
The former Swansea midfielder, replaced by Dean Moxey, will almost certainly miss Wednesday’s FA Cup fourth round replay against Liverpool.
With Pratley’s departure went a lot of Bolton’s energy but they still went closest to adding further goals. Ikeme finally got his gloves on a home effort, pushing away Le Fondre’s acrobatic close range attempt after 64 minutes.
With the game ebbing away from them, Jackett brought on Henry and Lee Evans for Jack Price and David Edwards.
Neil Danns and McDonald swapped bookings, with the Scot’s tackle on Clough ending the youngster’s interest in the game. With Liverpool in mind, he was substituted to a standing ovation and replaced by Rob Hall.
And he looked to have helped Bolton to all three points until Henry’s late hammer blow.