Sylvan Ebanks-Blake scored twice as Wolves capitalised on Blackpool's profligacy to inflict Michael Appleton's first loss as manager.
Ebanks-Blake latched on to Jermaine Pennant's pass and dinked over Matt Gilks to give his side an early lead.
Tiago Gomes struck a post and Carl Ikeme pulled off an amazing triple save as Wolves somehow preserved their lead.
Blackpool paid the price as Ebanks-Blake rifled home a penalty before Alex Baptiste headed a late consolation.
Moments before Baptiste's goal, Ebanks-Blake had almost completed his hat-trick when he rounded Gilks but lashed his shot high and wide.
- Blackpool had 24 shots with 15 on target, to Wolves' five with two on target.
Wolves' third win in four games moved them five places up the league into 13th place, just one point behind the Seasiders, who were previously unbeaten in eight matches since Appleton took over from Ian Holloway.
Wolves had already served notice of their threat with Bakary Sako slicing high and wide before they took the lead in the third minute.
Pennant slid the ball through a gap in the home defence to the onrushing Ebanks-Blake, who clipped expertly past Gilks.
Blackpool enjoyed plenty of possession, but it was half an hour before they fashioned a clear sight of goal.
A long ball put Liverpool target Tom Ince clear of the Wolves defence on the right, but instead of trying his luck, he played the ball across goal and narrowly beyond the outstretched leg of Wes Thomas.
- Carl Ikeme has been loaned out to eight different clubs since first appearing for Wolves in 2003.
Moments later, Ince shimmied clear of his marker and squared for Gomes, who slammed the ball against the post from 20 yards.
Suddenly Wolves were all at sea, with gaps appearing everywhere in their defence. Ince's shot was saved by Ikeme, but the ball looped to Thomas, who could not keep his header down with the goal gaping.
The one-way traffic continued after the break as Ince was played through once again, only for Stephen Ward to block his goalbound shot.
Then, Ikeme pulled off three saves in two minutes to deny Gomes and Ince twice, the last an athletic lunge across his goal to parry a full-blooded volley from the 20-year-old England Under-21 winger.
The introduction of the combative David Davis prompted Wolves' best spell of the game and they were handed the chance to seal the win when Chris Basham needlessly tugged Sako's shirt inside the box. Ebanks-Blake struck his spot-kick down the middle to double the visitors' advantage.
Blackpool gave themselves hope with a close-range header from captain Baptiste after Nouha Dicko's shot was saved, but in four minutes of injury-time they could not force an equaliser.
Blackpool manager Michael Appleton: "You don't have to be a rocket scientist to weigh up the whole game and look at the opportunities we created in both halves and say we probably should have got something out of the game.
"But it wasn't to be, a poor two or three minutes at the start of the game and we won't talk about the other decision.
"I think he's given it for pulling of the shirt, but if it was a pull of the shirt it was the slightest of pulls and definitely he was outside the box, quite comfortably. It's disappointing."
Wolves manager Stale Solbakken: "Carl Ikeme was brilliant with three or four good saves. The lads should give him a pat on the back.
"Having David Davis come on, we started to get more of a grip on the game again.
"I think Jermaine Pennant played his by far the best he's played in a Wolverhampton shirt in an away game.
"Sylvan Ebanks-Blake has worked hard. He came in training with a great attitude and also in games so I am pleased that he got his goals."
Live Text Commentary
Full Time The referee brings the game to a close.90:00 +3:58
Tiago Gomes crosses the ball.90:00 +0:03
The assistant referee flags for offside against Sylvan Ebanks-Blake. Matt Gilks takes the indirect free kick. Nouha Dicko takes a shot. Save by Carl Ikeme.88:33
Nouha Dicko provided the assist for the goal.88:33 Goal scored
Goal! - Alex Baptiste - Blackpool 1 - 2 Wolves Alex Baptiste grabs a headed goal from close in. Blackpool 1-2 Wolverhampton.88:30
Nouha Dicko takes a shot. Save by Carl Ikeme.87:30 Substitution
Substitution Richard Stearman replaces Bakary Sako.87:09
Close range effort by Sylvan Ebanks-Blake clears the crossbar.85:55
Gary Taylor-Fletcher gives away a free kick for an unfair challenge on Karl Henry. Direct free kick taken by Carl Ikeme.85:21
Free kick awarded for a foul by Bakary Sako on Alex Baptiste. Free kick taken by Matt Gilks.84:32
Thomas Ince sends in a cross, save made by Carl Ikeme.83:20
Shot by Nouha Dicko from deep inside the penalty area misses to the left of the goal.81:04
The free kick is swung in left-footed by Thomas Ince, Roger Johnson makes a clearance. Tiago Gomes takes a shot. Save by Carl Ikeme.81:04 Substitution
Substitution Nouha Dicko comes on in place of Nathan Delfouneso.81:04 Substitution
Substitution Jermaine Pennant goes off and Anthony Forde comes on.81:04
Karl Henry challenges Thomas Ince unfairly and gives away a free kick.79:39
Free kick awarded for an unfair challenge on Karl Henry by Thomas Ince. Direct free kick taken by Kevin Foley.75:13
The ball is swung over by Sylvan Ebanks-Blake, save by Matt Gilks.74:13 Substitution
Substitution Kevin Phillips joins the action as a substitute, replacing Angel Martinez.73:25
Direct free kick taken by Kevin Foley.
Booking The referee cautions Kirk Broadfoot for unsporting behaviour.72:46
Angel Martinez produces a cross, clearance made by Roger Johnson. Chris Basham delivers the ball. Thomas Ince takes a shot. Free kick awarded for an unfair challenge on Sylvan Ebanks-Blake by Kirk Broadfoot.71:36
Assist by Bakary Sako.71:36 Goal scored
Goal! - Sylvan Ebanks-Blake - Blackpool 0 - 2 Wolves Penalty taken right-footed by Sylvan Ebanks-Blake and scored. Blackpool 0-2 Wolverhampton.70:38 Booking
Booking Booking for Isaiah Osbourne.70:24
Isaiah Osbourne challenges Bakary Sako unfairly and gives away a Penalty.69:06
The ball is crossed by Bakary Sako.68:16
The ball is crossed by Bakary Sako, save by Matt Gilks.68:04
Centre by Stephen Ward, Chris Basham makes a clearance.67:04
Tiago Gomes takes a inswinging corner to the near post, Kevin Doyle manages to make a clearance.66:03
Matt Gilks restarts play with the free kick.66:03 Substitution
Substitution David Davis replaces Tongo Doumbia.66:03
Foul by Kevin Doyle on Tiago Gomes, free kick awarded.65:52
The ball is sent over by Jermaine Pennant.64:50
Angel Martinez sends in a cross, Karl Henry makes a clearance.64:22
The ball is swung over by Gary Taylor-Fletcher, Stephen Ward gets a block in.62:04
Thomas Ince produces a right-footed shot from the edge of the box and misses to the left of the target.61:32
The assistant referee flags for offside against Sylvan Ebanks-Blake. Matt Gilks takes the indirect free kick.60:19
Free kick crossed left-footed by Stephen Crainey from left wing.60:19 Booking
Booking The referee shows Jermaine Pennant a yellow card for unsporting behaviour.60:08
Foul by Jermaine Pennant on Stephen Crainey, free kick awarded.59:45
The ball is sent over by Chris Basham, clearance by Roger Johnson.57:28
Gary Taylor-Fletcher takes a shot. Carl Ikeme makes a save.57:18
Tiago Gomes takes a shot. Christophe Berra gets a block in.55:52
Chris Basham delivers the ball, clearance by Christophe Berra.52:27
Centre by Kevin Doyle, Stephen Crainey makes a clearance. Outswinging corner taken by Bakary Sako.49:43
Centre by Stephen Crainey, Tiago Gomes takes a shot. Save by Carl Ikeme. Thomas Ince takes a shot. Save by Carl Ikeme. Tiago Gomes takes the inswinging corner, Christophe Berra makes a clearance. Thomas Ince takes a shot. Carl Ikeme makes a save. Corner taken by Tiago Gomes played to the near post.48:50
Free kick awarded for an unfair challenge on Roger Johnson by Gary Taylor-Fletcher. Free kick taken by Roger Johnson.48:09
Jermaine Pennant sends in a cross.47:00
Inswinging corner taken right-footed by Tiago Gomes from the left by-line to the near post, Close range header by Alex Baptiste misses to the right of the target.46:45
Thomas Ince takes a shot. Save by Carl Ikeme.45:01
The game restarts for the second half.45:01 Substitution
Substitution Gary Taylor-Fletcher joins the action as a substitute, replacing Wes Thomas.45:00 +2:57 Half time
Half Time The whistle is blown to end the first half.45:00 +1:31
Christophe Berra concedes a free kick for a foul on Thomas Ince. Shot comes in from Thomas Ince from the free kick.44:22
Corner taken left-footed by Bakary Sako from the left by-line, Unfair challenge on Nathan Delfouneso by Roger Johnson results in a free kick. Matt Gilks restarts play with the free kick.44:06
Sylvan Ebanks-Blake takes a shot. Matt Gilks makes a save.39:46
The ball is crossed by Stephen Crainey, clearance by Roger Johnson.38:56
Isaiah Osbourne sends in a cross, Stephen Ward manages to make a clearance.37:50
Shot from just outside the area by Nathan Delfouneso misses to the right of the target.34:53
Bakary Sako crosses the ball, blocked by Nathan Delfouneso. Outswinging corner taken left-footed by Bakary Sako from the left by-line, Roger Johnson takes a shot. Clearance made by Kirk Broadfoot. Thomas Ince takes a shot. Save made by Carl Ikeme. Wes Thomas produces a header from deep inside the six-yard box that clears the bar.34:15
Corner taken by Thomas Ince, clearance by Roger Johnson.33:09
Nathan Delfouneso fouled by Jermaine Pennant, the ref awards a free kick. Free kick crossed left-footed by Stephen Crainey from left wing, clearance by Roger Johnson.31:52
Effort from just outside the penalty box by Tiago Gomes strikes the post. Stephen Crainey takes a shot. Carl Ikeme makes a save.30:30
Close range effort by Thomas Ince misses to the left of the goal.28:16
Bakary Sako challenges Chris Basham unfairly and gives away a free kick. Free kick crossed left-footed by Stephen Crainey, Bakary Sako makes a clearance. The referee blows for offside against Alex Baptiste. Free kick taken by Carl Ikeme.27:19
Stephen Ward gives away a free kick for an unfair challenge on Thomas Ince. Thomas Ince crosses the ball in from the free kick, Christophe Berra makes a clearance.23:46
The ball is sent over by Thomas Ince, clearance by Christophe Berra.23:03
Nathan Delfouneso produces a cross, Roger Johnson makes a clearance.20:18
Foul by Alex Baptiste on Kevin Doyle, free kick awarded. Carl Ikeme takes the free kick.19:26
Thomas Ince takes a outswinging corner to the near post, Kevin Doyle manages to make a clearance.16:29
The ball is sent over by Bakary Sako, Kirk Broadfoot makes a clearance.15:39
Alex Baptiste challenges Jermaine Pennant unfairly and gives away a free kick. Direct free kick taken by Stephen Ward.14:48
Free kick awarded for a foul by Tongo Doumbia on Isaiah Osbourne. Kirk Broadfoot restarts play with the free kick.14:09
Jermaine Pennant produces a cross.12:27
Free kick awarded for a foul by Kevin Foley on Nathan Delfouneso. Tiago Gomes has an effort direct from the free kick, Carl Ikeme makes a save.11:39
Karl Henry fouled by Angel Martinez, the ref awards a free kick. Free kick taken by Stephen Ward.9:44
Nathan Delfouneso produces a right-footed shot from just outside the box that misses to the right of the net.9:05
Thomas Ince crosses the ball, Christophe Berra makes a clearance.8:09
The assistant referee flags for offside against Wes Thomas. Indirect free kick taken by Carl Ikeme.7:45
The ball is crossed by Kevin Doyle, save made by Matt Gilks.6:56
Free kick awarded for a foul by Tongo Doumbia on Alex Baptiste. Direct free kick taken by Alex Baptiste.5:42
Tiago Gomes takes a shot. Save made by Carl Ikeme.3:55
The ball is crossed by Chris Basham.2:20
Assist on the goal came from Jermaine Pennant.2:20 Goal scored
Goal! - Sylvan Ebanks-Blake - Blackpool 0 - 1 Wolves Sylvan Ebanks-Blake scores a goal from inside the area low into the middle of the goal. Blackpool 0-1 Wolverhampton.1:24
Sylvan Ebanks-Blake is flagged offside by the assistant referee. Stephen Crainey takes the indirect free kick.0:51
Shot by Bakary Sako.0:37
The ball is sent over by Jermaine Pennant, clearance by Alex Baptiste.0:00
The referee gets the game started.
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