Blackpool winger Tom Ince scored twice to leave Dean Saunders still searching for his first win as Wolves manager.
Sylvan Ebanks-Blake headed the home side into a deserved lead but Ince capitalised on an error by Wolves's Roger Johnson to level matters.
After Ebanks-Blake spurned a glorious chance, Ince then scored a 25-yard piledriver 12 minutes from time.
Johnson concluded a miserable afternoon by collecting an injury-time red card after tangling with Angel Martinez.
The victory for the managerless Seasiders ended a run of six Championship matches without a win while Wolves drop to 18th in the table, four places below Blackpool.
Ebanks-Blake's 15th-minute opener was reward for making the majority of the early running, as Slawomir Peszko found the overlapping Ronald Zubar on right-flank with a beautifully-weighted pass and the full-back's first-time cross was clinically converted by the Wolves striker for his 11th goal of the campaign.
The visitors struggled to produce any sustained spells of pressure by way of a response, Ince's deflected long-range effort the closest they came inside the opening half-hour.
And Wolves almost extended their advantage when Bakary Sako swung a free-kick into the box from distance but Kevin Doyle headed against the top of the crossbar.
Soon after Johnson's calamity led to the visitors drawing level. The centre-back attempted to shepherd the ball back to keeper Carl Ikeme but there was not enough pace on it and Ince reacted quickest, stealing between them and slotting home from an acute angle.
Blackpool's Matt Gilks saved superbly with his feet to deny Ebanks-Blake from close range leaving Ince, who has been a reported transfer target for Liverpool, to grab victory with a moment of magic.
His fierce, swerving effort could only be touched onto the post by Ikeme before it nestled in the back of the net for his 15th of the season.
Blackpool caretaker manager Steve Thompson:
"It is not going to do me any harm to get results.
"I have always said that if it is me, fantastic. If it is not I will just hold the fort until somebody else comes in here.
"But whoever gets it has got a special bunch of players there. Karl [Oyston, Blackpool's chairman] knows the situation at the moment and it is in his court.
"I have always said that I am ready to be a number one. I would be chuffed to bits if I got a number one."
Wolves manager Dean Saunders:
"I will probably learn more from that than if we had won 2-1.
"I have got to put things right and I will give the players a chance to do it themselves and if not I have to replace them as there are lots of little mistakes going on out there that I can see.
"If we had won 3-0, you end up not realising what has been wrong for two or three years.
"But we have got to get away from the bottom. We have to get a couple of wins."
Live Text Commentary
Full Time The referee signals the end of the game.90:00 +1:49
Blocked by Craig Cathcart.90:00 +1:49 Dismissal
Dismissal Roger Johnson receives a red card for violent conduct.90:00 +1:30
Matt Derbyshire takes a shot.88:54
Corner taken by Bakary Sako from the right by-line, Matt Gilks makes a save.85:35 Substitution
Substitution (Wolverhampton) makes a substitution, with Bjorn Sigurdarson coming on for Kevin Doyle.85:35 Substitution
Substitution David Davis is brought on as a substitute for Slawomir Peszko.85:35
Matt Derbyshire is flagged offside by the assistant referee. Free kick taken by Carl Ikeme.82:48
Tiago Gomes is caught offside. Roger Johnson takes the free kick.80:16
Corner taken left-footed by Bakary Sako from the left by-line, clearance by Gary Taylor-Fletcher.79:43
The official flags Tiago Gomes offside. Roger Johnson restarts play with the free kick.77:44
Assist on the goal came from Alex Baptiste.77:44 Goal scored
Goal! - Thomas Ince - Wolves 1 - 2 Blackpool Thomas Ince finds the net with a goal from long range to the top left corner of the goal. Wolverhampton 1-2 Blackpool.75:01
Tiago Gomes fouled by Bakary Sako, the ref awards a free kick. Stephen Crainey takes the free kick.73:38
Thomas Ince gives away a free kick for an unfair challenge on Stephen Hunt. Direct free kick taken by Slawomir Peszko.72:31
Sylvan Ebanks-Blake fouled by Chris Basham, the ref awards a free kick. Jamie O'Hara takes the direct free kick.71:35
Angel Martinez produces a right-footed shot from long range which goes wide right of the goal.70:30
Free kick awarded for an unfair challenge on Tiago Gomes by Stephen Hunt. Kirk Broadfoot takes the direct free kick.68:55 Substitution
Substitution Ronald Zubar leaves the field to be replaced by Stephen Hunt.68:38
Header by Roger Johnson from deep inside the penalty area misses to the left of the goal.
Booking Kirk Broadfoot receives a yellow card for unsporting behaviour.67:52
Kirk Broadfoot challenges Kevin Doyle unfairly and gives away a free kick. Slawomir Peszko takes the direct free kick.66:52
Kirk Broadfoot fouled by Sylvan Ebanks-Blake, the ref awards a free kick. Free kick taken by Alex Baptiste.64:26
Christophe Berra gives away a free kick for an unfair challenge on Gary Taylor-Fletcher. Thomas Ince takes the direct free kick.63:19
Matt Derbyshire gives away a free kick for an unfair challenge on Jamie O'Hara. Roger Johnson restarts play with the free kick.62:49
Unfair challenge on Chris Basham by Kevin Doyle results in a free kick. Kirk Broadfoot restarts play with the free kick.61:11 Substitution
Substitution Matt Derbyshire is brought on as a substitute for Matt Phillips.59:12
Short corner worked by Stephen Crainey.56:38
Inswinging corner taken by Thomas Ince from the right by-line, Kevin Foley manages to make a clearance.56:08
Kevin Doyle takes a shot. Matt Gilks makes a save.55:32
Corner from left by-line taken by Bakary Sako.54:33
Sylvan Ebanks-Blake is caught offside. Free kick taken by Matt Gilks.53:38
Corner taken by Bakary Sako from the left by-line, Chris Basham makes a clearance.52:48
Sylvan Ebanks-Blake takes a shot. Save by Matt Gilks.52:00
Corner from the left by-line taken by Bakary Sako, Gary Taylor-Fletcher makes a clearance.51:11
Foul by Tiago Gomes on Christophe Berra, free kick awarded. Direct free kick taken by Christophe Berra.49:22
Inswinging corner taken left-footed by Bakary Sako, Angel Martinez makes a clearance.47:23
Tiago Gomes challenges Karl Henry unfairly and gives away a free kick. Christophe Berra takes the direct free kick.46:45
The assistant referee flags for offside against Sylvan Ebanks-Blake. Indirect free kick taken by Matt Gilks.45:01
The game restarts for the second half.45:00 +2:00 Half time
Half Time It is the end of the first-half.45:00 +1:18
Roger Johnson concedes a free kick for a foul on Gary Taylor-Fletcher. Stephen Crainey takes the direct free kick.44:25 Goal scored
Goal! - Thomas Ince - Wolves 1 - 1 Blackpool Goal scored by Thomas Ince from close range to the bottom right corner of the goal. Wolverhampton 1-1 Blackpool.43:06
Inswinging corner taken from the right by-line by Bakary Sako, Roger Johnson challenges Matt Phillips unfairly and gives away a free kick. Matt Gilks restarts play with the free kick.42:58
Bakary Sako takes a shot. Craig Cathcart gets a block in.42:17
Corner taken by Bakary Sako.41:33
Free kick awarded for a foul by Tiago Gomes on Karl Henry. Free kick crossed left-footed by Bakary Sako from right wing, clearance by Craig Cathcart.29:56
Gary Taylor-Fletcher is ruled offside. Karl Henry restarts play with the free kick.24:26
Unfair challenge on Roger Johnson by Matt Phillips results in a free kick. Direct free kick taken by Christophe Berra.23:23
Angel Martinez takes a inswinging corner from the left by-line played to the near post.22:57
Corner from the left by-line taken by Angel Martinez, Roger Johnson makes a clearance.22:46
Thomas Ince takes a shot. Christophe Berra gets a block in.22:08
Kirk Broadfoot challenges Kevin Doyle unfairly and gives away a free kick. Jamie O'Hara restarts play with the free kick.18:50
Craig Cathcart takes the direct free kick.18:50 Booking
Booking Slawomir Peszko is cautioned.18:36
Slawomir Peszko gives away a free kick for an unfair challenge on Tiago Gomes.17:54
Unfair challenge on Karl Henry by Tiago Gomes results in a free kick. Bakary Sako takes the direct free kick.14:55
Assist by Ronald Zubar.14:55 Goal scored
Goal! - Sylvan Ebanks-Blake - Wolves 1 - 0 Blackpool Sylvan Ebanks-Blake finds the net with a headed goal from close range. Wolverhampton 1-0 Blackpool.11:38
Inswinging corner taken left-footed by Bakary Sako, Jamie O'Hara produces a volleyed left-footed shot from 20 yards. Blocked by Craig Cathcart.11:06
Outswinging corner taken left-footed by Bakary Sako from the left by-line.10:04
Effort from outside the penalty area by Thomas Ince goes wide left of the goal.9:24
Foul by Ronald Zubar on Matt Phillips, free kick awarded. Direct free kick taken by Angel Martinez.8:40
Chris Basham takes a shot. Christophe Berra gets a block in.7:32
Kevin Doyle takes a shot. Stephen Crainey gets a block in.6:03
Bakary Sako fouled by Thomas Ince, the ref awards a free kick. Kevin Foley restarts play with the free kick.5:01
Matt Phillips has an effort at goal from outside the area missing to the wide left of the goal.2:25
The offside flag is raised against Kevin Doyle. Direct free kick taken by Craig Cathcart.0:57
Outswinging corner taken left-footed by Bakary Sako from the left by-line, Matt Gilks makes a save.0:00
The match has kicked off.
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