Bolton scored two goals in the first 10 minutes to secure a seventh consecutive home win and leave Wolves only a point clear of the relegation zone.
The Trotters opened the scoring with a close-range finish by David Ngog following Jay Spearing's corner.
Marcos Alonso then wrong-footed Dorus De Vries to double the advantage.
De Vries made a series of sharp saves to limit the damage, while Bolton keeper Adam Bogdan also excelled to deny Wolves a way back into the match.
The result means Bolton remain in the hunt for a play-off spot - eighth, and two points behind sixth-placed Brighton - and have registered their best home sequence since 1995.
The Trotters have developed a knack of starting quickly under Dougie Freedman and they did so again to take a third-minute lead.
Bolton have lost only two of their last 11 games to enter Championship play-off contention
Spearing's set-piece 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 the ball into the roof of the net.
There was further misery for Wolves when Alonso's shot squirmed past De Vries after Medo Kamara's drive was deflected into his path.
Wolves were indebted to their keeper for preventing further damage.
Lee Chung-Yong cut in from the left to bring a superb save from De Vries, who went on to thwart Marvin Sordell from close range.
Tongo Doumbia replaced Jake Cassidy at the interval as Wolves boss Dean Saunders looked to revitalise his attacking options, but Ngog should have given Bolton further breathing space when sent clear.
Bogdan showed magnificent reactions to pluck Kevin Doyle's firm header from Kaspars Gorkss's cross out of the top corner.
He then forced Wolves substitute Adam Hammill wide when well placed, while De Vries saved again from Ngog before full-time.
Bolton manager Dougie Freedman:
"There are a few games to go and we will try to get over the finishing line. We started the game so well and in the first 30 minutes we expressed the talent that we've got and, if we'd have been better at finishing, we would have been four or five up.
"In the second half you then saw a very organised team who could hold out for the win, which is something we weren't at the start of the season.
"I think that teams and even fans of other teams are looking at us as a club facing the right direction and getting better.
"The problem for us is that the games are running out, but you can tell by today that we're going somewhere as a team and that we are more than capable of making that final push."
Wolves manager Dean Saunders:
"We started flat and that's something that we haven't been doing since I've been here. Do I think we deserved something out of the game? Not really. We gave ourselves too much to in the first 20 minutes and our keeper made two or three cracking saves to keep us in the game.
"Sometimes emotionally and mentally the Championship is so demanding and that was what was wrong with us today. I changed it after 20 minutes just to keep us in it and Kevin Doyle and Adam Hammill missed two great chances.
"But they've got very good players and are a top team in good form and we've bumped into them at a bad time. All in all we've got to take the positives out of it because at least we never crumbled and, after Huddersfield drew, we've got a chance to do them serious damage if we beat them next week."
Live Text Commentary
Full Time The final whistle is blown by the referee.90:00 +1:31
Chris Eagles has an effort at goal from outside the penalty box missing to the wide left of the goal.88:07
Jack Robinson produces a cross.87:24
Long distance shot from Mohamed Medo misses to the left of the net.86:30
Corner from the right by-line taken by Adam Hammill, clearance made by Chung-Yong Lee.82:51
Jay Spearing delivers the ball from the free kick right-footed from left wing, save made by Dorus De Vries.82:51 Substitution
Substitution Danny Butterfield joins the action as a substitute, replacing David Ngog.82:51
Roger Johnson challenges David Ngog unfairly and gives away a free kick.79:59
Tongo Doumbia has a headed effort at goal from deep inside the area missing to the right of the goal.77:56
Centre by Samuel Ricketts, save made by Dorus De Vries.76:43
Free kick awarded for an unfair challenge on Stephen Hunt by Chung-Yong Lee. Direct free kick taken by Dorus De Vries.76:03
Outswinging corner taken right-footed by Jay Spearing, Roger Johnson manages to make a clearance.75:49
Craig Davies takes a shot. Blocked by Dorus De Vries.75:18
David Ngog concedes a free kick for a foul on Karl Henry. Dorus De Vries restarts play with the free kick.74:41 Substitution
Substitution Adam Hammill replaces Jamie O'Hara.67:21
Foul by Kevin Doyle on Marcos Alonso, free kick awarded. Adam Bogdan takes the direct free kick.65:12 Substitution
Substitution Craig Davies joins the action as a substitute, replacing Marvin Sordell.64:05
Marvin Sordell is adjudged to have handled the ball. Dorus De Vries takes the free kick.62:47
Kevin Doyle takes a shot. Save by Adam Bogdan. Outswinging corner taken from the left by-line by Jamie O'Hara, Headed effort from inside the area by Kaspars Gorkss misses to the right of the target.60:50
Tongo Doumbia takes a shot from long range which goes wide of the right-hand upright.
Inswinging corner taken left-footed by Stephen Hunt from the right by-line to the near post, clearance made by Marcos Alonso.58:36
Direct free kick taken by Zat Knight.58:36 Booking
Booking Tongo Doumbia receives a yellow card.58:19
Foul by Tongo Doumbia on Jay Spearing, free kick awarded.56:52
Bjorn Sigurdarson is flagged offside by the assistant referee. Adam Bogdan takes the free kick.56:33
Free kick awarded for a foul by Mohamed Medo on Stephen Hunt. Jamie O'Hara takes the free kick.53:34
Corner from right by-line taken by Jay Spearing.52:59 Booking
Booking Marvin Sordell is given a yellow card.51:46
Corner from the right by-line taken by Jamie O'Hara, Adam Bogdan makes a save.49:39
Corner from the right by-line taken by Jamie O'Hara, save by Adam Bogdan.46:43
Mohamed Medo gives away a free kick for an unfair challenge on Stephen Hunt. Direct free kick taken by Jamie O'Hara.46:03
Free kick awarded for a foul by Samuel Ricketts on Stephen Hunt. Jack Robinson takes the free kick.45:16
Corner taken left-footed by Jamie O'Hara from the right by-line to the near post, Craig Dawson manages to make a clearance.45:01
The second half has started.45:01 Substitution
Substitution (Wolverhampton) makes a substitution, with Tongo Doumbia coming on for Jake Cassidy.45:00 +3:26 Half time
Half Time The ref blows to signal half-time.45:00 +2:58
Stephen Hunt fouled by Chris Eagles, the ref awards a free kick. Dorus De Vries takes the direct free kick.45:00 +2:20
Corner taken by Jay Spearing from the left by-line to the near post, clearance by Roger Johnson.45:00 +1:01
Jake Cassidy is ruled offside. Free kick taken by Adam Bogdan.45:00 +0:12
Foul by Jamie O'Hara on Chris Eagles, free kick awarded. Marcos Alonso delivers the ball from the free kick left-footed from right wing, Jack Robinson manages to make a clearance.43:57
Mohamed Medo has an effort at goal from outside the penalty box missing to the wide right of the target.43:08
Free kick crossed right-footed by Jay Spearing, clearance made by Roger Johnson.43:08 Booking
Booking Matt Doherty is cautioned.42:53
Foul by Matt Doherty on Chung-Yong Lee, free kick awarded.41:10
Handball by Jake Cassidy. Craig Dawson takes the direct free kick.40:05
Jake Cassidy takes a shot. Blocked by Craig Dawson.39:17
Unfair challenge on Kevin Doyle by Jay Spearing results in a free kick. Free kick taken by Jamie O'Hara.37:41
Matt Doherty gives away a free kick for an unfair challenge on David Ngog. Free kick taken by Adam Bogdan.37:09
Jamie O'Hara fouled by Mohamed Medo, the ref awards a free kick. Jamie O'Hara takes the direct free kick.35:32
Karl Henry takes a long range shot clearing the bar.35:06
Kevin Doyle crosses the ball, clearance by Marcos Alonso.32:21
Stephen Hunt concedes a free kick for a foul on Samuel Ricketts. Direct free kick taken by Adam Bogdan.30:42
Craig Dawson fouled by Jake Cassidy, the ref awards a free kick. Adam Bogdan restarts play with the free kick.28:13
Bjorn Sigurdarson crosses the ball, save made by Adam Bogdan.24:47 Substitution
Substitution Karl Henry is brought on as a substitute for David Davis.23:24
Effort from inside the area by Chris Eagles misses to the left of the target.22:01
Kaspars Gorkss takes the free kick.22:01 Booking
Booking The referee cautions Jay Spearing for unsporting behaviour.21:35
Free kick awarded for a foul by Jay Spearing on David Davis.20:38
Corner taken by Jay Spearing from the right by-line, Craig Dawson takes a shot. Save by Dorus De Vries.18:48
Free kick awarded for a foul by David Ngog on Roger Johnson. Dorus De Vries restarts play with the free kick.17:55
Unfair challenge on Chris Eagles by Jack Robinson results in a free kick. Chris Eagles produces a strike on goal direct from the free kick.15:26
Corner taken right-footed by Jay Spearing from the left by-line, clearance made by Stephen Hunt.14:19
Marvin Sordell takes a shot. Dorus De Vries gets a block in.13:52
Corner taken right-footed by Jay Spearing, Roger Johnson makes a clearance.13:35
Chung-Yong Lee takes a shot. Save by Dorus De Vries.12:42
Marvin Sordell takes a shot from just outside the penalty area which clears the crossbar.11:49
Header from deep inside the area by Kevin Doyle goes over the bar.9:49 Goal scored
Goal! - Marcos Alonso - Bolton 2 - 0 Wolves Marcos Alonso fires in a goal from deep inside the penalty box low into the middle of the goal. Bolton 2-0 Wolverhampton.9:28
Short corner worked by Chung-Yong Lee. Mohamed Medo takes a shot. Roger Johnson gets a block in.9:14
Samuel Ricketts delivers the ball, Matt Doherty manages to make a clearance.7:04
David Ngog gives away a free kick for an unfair challenge on Roger Johnson. Free kick taken by Roger Johnson.6:02
Bjorn Sigurdarson challenges Marcos Alonso unfairly and gives away a free kick. Adam Bogdan takes the direct free kick.5:40
Samuel Ricketts takes a shot. Dorus De Vries gets a block in.2:49
Assist on the goal came from Craig Dawson.2:49 Goal scored
Goal! - David Ngog - Bolton 1 - 0 Wolves David Ngog gets on the score sheet with a goal from close in high into the middle of the goal. Bolton 1-0 Wolverhampton.2:10
Outswinging corner taken by Jay Spearing, Craig Dawson takes a shot. Dorus De Vries makes a save.1:17
Outswinging corner taken by Jamie O'Hara from the left by-line, free kick awarded for a foul by Roger Johnson on Zat Knight. Free kick taken by Adam Bogdan.0:00
The game gets underway.
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