Goals from Jody Craddock and Nenad Milijas put them in the driving seat at Molineux.
But when sub Johan Elmander (78) hit back, it set up a tense finish.
Bolton though failed to get the goal they craved despite some sustained pressure and Wolves moved off the foot of the table.
They got off to the best possible start by making the breakthrough in the third minute when Milijas’ free-kick was flicked on by Christophe Berra and Craddock swept it home from close range for his fourth goal of the season.
And when Milijas (63) slammed home a swerving 25-yard shot it looked plain sailing for the home side, but Elmander scrambledhome a corner from Matt Taylor to set up a grandstand finish.