Wolves 2 (Kightly 53, Jarvis 88)
Bolton 3 (Petrov-pen 63, Alonso 80, K. Davies 84)
After dominating the opening half Wolves took a deserved lead through Michael Kightly shortly after the break before falling victims of a contentious penalty decision and then conceding twice more in the closing stages.
The defeat, coupled with the results of the other clubs in the relegation mix, left Wolves stranded six points adrift at the bottom of the table.
Terry Connor made two changes to the team that had started at Norwich with Sylvan Ebanks-Blake coming in for Kevin Doyle who was named as a substitute, and David Davis returned from injury to take the place of Eggert Jonsson.
Wolves kicked-off attacking the South Bank end and inside the first 30 seconds David Wheater had to clear a low cross from Ebanks-Blake.
There were panic stations in the visiting defence in Wolves' next attack as Sam Ricketts hit his attempted clearance of Kightly's cross against a team-mate.
The Bolton back line then struggled to clear corners from Matt Jarvis and Kightly before goalkeeper Adam Bogdan came to the rescue in the fifth minute.
Kightly floated a free-kick into the box and Steven Fletcher hooked the ball back to Ebanks-Blake who chested it down and fired in a shot that Bogdan parried for a corner.
Bolton's first chance fell to Martin Petrov but his attempt from the left of goal was blocked by Richard Stearman.
Kightly was pulled back by Marcos Alonso as he cut in along the bye-line. The referee waved play on as Kightly wriggled free of the Spaniard's grasp and he then tried to beat Bogdan from an acute angle but the keeper saved.
After playing a one-two with Dave Edwards, Kightly delivered a low cross into the heart of the goalmouth that was booted clear by Ricketts.
Ebanks-Blake drilled a low, 22-yard shot wide and there was a moment of danger for Wolves in the 31st minute as Petrov hooked narrowly over Wayne Hennessey's bar.
A minute later Bogdan made a tremendous one-handed save to push away a Fletcher header after Jarvis had supplied the cross. Fletcher chased the loose ball but his attempt to lay it back into the middle was thwarted by Wheater who cut the pass out at the near post.
Ivan Klasnic's off the mark drive sparked an angry confrontation between Hennessey and Roger Johnson and the referee spoke to both of them before play resumed.
Wolves continued to pile on the pressure and from a Jarvis corner Fletcher powered a header towards goal only for Ryo Miyaichi to clear off the line.
In the dying minutes of the half, Ebanks-Blake scooped the ball over the bar after Jarvis had pulled it back to the edge of the box, then Kightly crossed for Fletcher to power in a header that struck the top of the bar and went over.
Half-Time: Wolves 0 Bolton 0
Shortly after the resumption, Johnson's header was saved by Bogdan after a Jarvis centre, then Wheater missed a great chance when he headed wide from in front of goal following a cross from Miyaichi.
But Wolves deserved to be in front and they took the lead in the 53rd minute. Ebanks-Blake spread a pass to Kightly on the right and he ran in and drifted past Alonso before hitting a sweet shot into the far corner of the net.
Stearman made a timely intervention when he cleared from Klasnic who had been played in by David Ngog, and then the Wolves defender was penalised and booked for a tackle a yard to the side of the home area. Johnson headed clear Miyaichi's free-kick.
On 63 minutes Bolton were awarded a penalty after former Molineux youth graduate Mark Davies went down under a challenge from Johnson. Contact seemed to be minimal and the crowd and home players reacted angrily when the referee pointed to the spot. Petrov sent Hennessey the wrong way with the kick.
Klasnic was booked for a tackle on Sebastien Bassong and shortly afterwards the Bolton man was replaced by Kevin Davies.
Hennessey made a good save to keep out a Petrov shot and then, from a Kightly throw-in, Fletcher hooked the ball over his shoulder and Jarvis ran in at the far post but headed wide.
Hennessey did well to turn aside a Wheater header after a Petrov corner but the visitors took the lead in the 80th minute following a Petrov corner. Ngog's header smacked against the bar but the ball dropped at the feet of Alonso who rammed it into the back of the net.
Bolton substitute Chris Eagles fired over from close range and then Hennessey did well to keep out an effort from Nigel Rio-Coker.
Kevin Davies added a third for Bolton six minutes from time when he prodded an angled shot past Hennessey.
But Jarvis gave a glimmer of hope when he reduced the deficit two minutes later slamming the ball home after Fletcher had helped it into his path (pictured).
In stoppage time there was a tremendous scramble in the Bolton area after a cross from Kightly but the ball was eventually cleared and the final whistle sounded shortly afterwards.
Wolves: Hennessey, Stearman, S. Ward, Edwards (Milijaš 87), Bassong, Johnson (capt), Kightly, Ebanks-Blake (Doyle 81), Fletcher, Davis (Henry 87), Jarvis.
Unused subs: Hunt, Berra, Zubar, De Vries.
Booking: Stearman (60 - foul).
Bolton: Bogdan, Alonso, Petrov, M. Davies, Klasnic (K. Davies 70), Ricketts, Reo-Coker (capt), Ngog (90+5), Miyaichi (Eagles 77), Wheater, Ream.
Unused subs: Jaaskelainen, Boyata, Sordell, Vela.
Booking: Klasnic (65 - foul).
Referee: J. Moss.
Wolves Under 18s 5 (Moli, Kempton, Ismail, Kellerman, Cranston) Barnsley 1