Bolton produced a flying start to leave Wolves shellshocked and secure a seventh consecutive home win in the npower Championship, emerging 2-0 victors.
David Ngog and Marcos Alonso were on target within the first 10 minutes to ensure Dougie Freedman's men brought up their best home sequence since 1995.
Wolves had goalkeeper Dorus De Vries to thank for limiting the damage thereafter as the hosts threatened to run riot.
Kevin Doyle and Adam Hammill might have reduced the arrears after half-time, but De Vries was rarely far from the action as eighth-placed Bolton closed to within two points of the play-off places.
Another afternoon of high drama at the wrong end of the table ended with Wolves in 19th and one point clear of the bottom three.
Adam Bogdan was recalled in goal for Wanderers as Andy Lonergan dropped to the bench, while defender Danny Butterfield did likewise on Sam Ricketts' return from suspension.
Jake Cassidy replaced injured striker Sylvan Ebanks-Blake in Dean Saunders' only change to the Wolves side that triumphed 3-2 at Birmingham on Easter Monday.
Bolton have developed a happy knack of roaring out of the blocks under Freedman's management and they did so again to take a third-minute lead.
Jay Spearing's right-wing corner 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 into the roof of the net.
Further misery was piled onto Wolves as a set-piece undid them once more, Marcos Alonso's shot squirming past the best efforts of a wrong-footed De Vries after Medo Kamara's drive was deflected into his path.Wolves were indebted to their goalkeeper for preventing a nightmare start from becoming an outright humiliation.
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 in the 15th minute.
Spearing escaped with a booking for a challenge that ended David Davis afternoon prematurely, plunging Wolves into further disarray and Chris Eagles might have made it three in the 24th minute - firing inches wide after exchanging cleverly with Ngog at the end of a wonderful Bolton move.
Wolves eventually stemmed the tide but offered little by way of an attacking threat until Cassidy had a shot blocked by Dawson with half-time approaching after Ngog failed to play his way out of trouble.
Tongo Doumbia replaced Cassidy at the interval as Saunders looked to revitalise his attack options, but Ngog should have given Bolton further breathing space in the 49th minute.
The former Liverpool striker burst clear of the Wolves defence but inexplicably hesitated, allowing Henry to intervene with a vital challenge.
Bogdan was enjoying a quiet afternoon on his return to the Trotters' first XI but vindicated his manager's decision with a magnificent reaction save in the 63rd minute, tipping Doyle's firm header from Kaspars Gorkss cross out of the top corner.
Shortly afterwards Craig Davies replaced the industrious Sordell and in the 75th minute he was on the end of another flowing Bolton move, seeing his shot from Eagles' curling cross blocked by De Vries.
Wolves substitute Hammill might have capitalised on an error from Dawson before being forced wide by Bogdan, while opposite number De Vries was in action to deny Ngog once more before full-time.