Bluebirds captain Graham Kavanagh's stunning second half volley was the pick of the goals as Cardiff grabbed their first away win of the season.
Graham Kavanagh celebrates Cardiff's win at Molineux
Paul Parry's 18-yard effort put Cardiff ahead after 11 minutes, but Wolves hit back a minute later through Carl Cort.
Peter Thorne headed the Bluebirds ahead again in the second half and Kavanagh's strike 11 minutes later proved decisive for Lennie Lawrence's struggling side.
Paul Ince set up a tense finale when he headed home with five minutes left.
Cardiff manager Lennie Lawrence:
"We were hoping we could carry on from Tuesday's Coca Cola win at Milton Keynes, and we managed it.
"There's a great work ethic here at the moment. We haven't turned it around
yet but we've started the process.
"We were worth the win and I don't think anybody could argue otherwise. If we
play like that, we need fear nobody."
Wolves boss Dave Jones:
"We've lost here despite scoring twice. As a defensive unit, we were very poor and we're conceding too many of the same sort of goals.
"I never felt comfortable with our defending. The players are either not listening or they can't do what we ask of them. I have to ask if they can't do it or whether we have to bring in someone who can.
"We've just had two away league wins, so confidence shouldn't have been a
problem but we have thrown away all that good work."
Wolverhampton: Jones, Lowe (Cameron 64), Clyde (Bjorklund 31),
Craddock, Naylor, Newton, Olofinjana, Ince, Miller, Seol, Cort.
Subs Not Used: Oakes, Andrews, Clarke.
Booked: Naylor, Craddock.
Goals: Cort 12, Ince 85.
Cardiff: Warner, Williams, Gabbidon, Vidmar, Barker,
McAnuff (O'Neil 79), Kavanagh, Boland, Parry, Thorne,
Lee (Bullock 86).
Subs Not Used: Alexander, Robinson, Collins.
Booked: Lee, Kavanagh, Williams.
Goals: Parry 11, Thorne 48, Kavanagh 59.
Ref: M Pike (Cumbria).